The other bond companies will not “accept hard assets such as real estate as collateral,” but “will only accept cash or cash equivalents (such as marketable securities),” the filing said.
AKA “we have no idea how much your property is actually worth because you’ve been lying about it for years, so we want things that have a value set by someone other than you.”
Anyone would be stoked to lend $500m if he could give them, say, $1b in clear property titles.
He can’t because other banks already have their mortgage registered on the titles, and those banks have obviously reached the limit of what they will offer.
This is what I’m expecting, that or appraisals will end up finding out many of these places are worth way less or need condemning/major work to be sellable.
Perfection.
They won’t let him pay with play money anymore.
AKA “we have no idea how much your property is actually worth because you’ve been lying about it for years, so we want things that have a value set by someone other than you.”
I’m pretty sure most of his properties are extremely leveraged.
It’s this.
Anyone would be stoked to lend $500m if he could give them, say, $1b in clear property titles.
He can’t because other banks already have their mortgage registered on the titles, and those banks have obviously reached the limit of what they will offer.
This is what I’m expecting, that or appraisals will end up finding out many of these places are worth way less or need condemning/major work to be sellable.