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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (211906)12/30/2002 8:06:16 PM
From: Bill/WA  Read Replies (2) of 436258
 
tippet,

builders will quickly start as many homes (spec's) as possible to draw on their lines of credits from the "more than willing" banks, and as soon as the noose tightens the builders will disappear in the dust, pocketing a good percentage of the draws (under administrative cost, etc.) that where supposedly put into the structures.

as a long time general contractor in south FL, I've seen this happen time & time again. It never ceased to amaze me how stupid local banks could be, because as soon as the economy improved, these very same builders, under new names would con the very same banks all over again.

Bill/WA
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