Head up your Arsenal, or Glass Half Full, makes no difference if you are bankrupt.
Its a perfect storm for a property developer
- Cashflow has dried up, who is buying?
- Extremely difficult to refinance, mezzanine has dried up and the 1st tier lenders are risk averse
- Negative equity, asset value has decreased and may be below the level of borrowings and outstanding interest.
Knit one Pearl one...
(typing while JD was posting)