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What is the fuss about "The Icon" ?

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  1. #21

    Join Date
    May 2007
    Posts
    599
    Quote Originally Posted by Morrison:
    What do the developers take as loan security ? The apartment ?
    So basically when an aptmt is auctioned off that would mean both banks and the developer get a fraction ?
    What do you mean? During building, all the money goes to the developer. The buyer is the one who has the loan with the bank and takes on the risk.

  2. #22

    Join Date
    Sep 2008
    Posts
    3,677
    Quote Originally Posted by sxc:
    What do you mean? During building, all the money goes to the developer. The buyer is the one who has the loan with the bank and takes on the risk.
    If the developer gives a loan (e.g. 25%) to the buyer then the developer does not have that money until the buyer has paid up. But now assume the buyer defaults before that - how does the developer recoup his loss? Will the apartment be the collateral, to be somehow shared with the bank?
    Last edited by Raccon; 21-01-2011 at 12:13 AM.
    Morrison likes this.