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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (38362)8/10/2005 8:35:53 PM
From: Elroy Jetson  Read Replies (1) of 110194
 
Even Pardee Homes could not obtain non-recourse financing for any of their home developments.

Keep in mind that Pardee has a Balance Sheet with $5 billion of net asset value and more than 40 years experience in community building. We tried with a development in Temecula for which we wanted to obtain an $85 million dollar loan starting with Citibank, Wells Fargo, Bank of America, and many other banks - no dice. Their idea of a non-recourse loan is one which doesn't extend much beyond two years.

In my experience non-recourse loans are more myth than reality, unless there is an offsetting repurchase or collateral agreement - in essence making the transaction not really a loan, but a sham tax transaction.
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