hannover finance happened
Interesting that this hasn't come up too much before. I'm guessing that Terry must have his financiers banging at his door right now as most of those developer's don't get funding through the big 4 banks but rather rely on the second tier finance companies that have been going broke.
I wouldn't be surprised if Terry has askedTony to tighten the purse string at least for the next 6 months until things settle down..
Do you have any evidence of this or is it wild speculation? If a lender goes bustthe rights of a borrower don't change, you owe a debt (which is an asset) to a lender, which will be sold (so long as the debt is performing).
What is more likely to be an issue is that the housing market has weakened, costs of funding have increased along with costs of construction. But most of these development deals are sold off the plans anyway
james dean2008-10-08 22:39:06