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Re: [carfree_cities] Financing

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  • James Rombough
    ... (snip) The dot-com money is looking for a quick profit; real estate of any type is not quick at all. ... What you are describing about the developer being
    Message 1 of 4 , Jul 3, 2000
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      --- Martha Torell <eyrehead@...> wrote:
      > I have wondered if some of the dot com billions
      > would find their way to
      > development.
      (snip)

      The dot-com money is looking for a quick profit; real
      estate of any type is not quick at all.

      ...

      What you are describing about the developer being the
      lender makes no sense. The developer borrows money,
      builds the property, and then sells it. If the buyer
      defaults later, the lender forecloses on it and may
      have to take a loss (depends on the foreclosure sale
      price and the leftover mortgage balance). Why should
      the developer care if the buyer defaults?

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