Friday, July 29, 2016 11:15:06 AM
I would not be concerned with the supposed imminent due date in August for the mortgage at Sawston.
Banks will always try to avoid foreclosure at any costs because it moves their assets to non operating which is bad for their books and bad for their shareholders to see. It is also costly for them for obvious reasons. It is just a due date, they still will receive their mortgage payments undoubtedly and all the bank has to do is extend the loan. If for some reason we temporarily stop making a mortgage payment then the Bank will be motivated to change the terms in order to give us time to work things out. This is what banks do, No Bank will rush to foreclosure especially on a property that is so specialized and with environmental issues. We can prove that we are improving the property which adds value to the land and building and the Bank is very aware of this. This is a nonissue, but only the naysayers once again try to make an issue out of it. We are using the property, it is not as if it is in disrepair and abandoned. The Bank originally made loans based on our financials and story, the story hasn't changed and the only thing that has changed is the value of the company which still supports ownership criteria proportionally. After this is just a building on a single piece of land. The building and land has significantly increased in value, the Bank is now better off with their security interest. All the Bank wants to do is keep evryithng going they have the ability to do just that through extensions and reworking the loan which is rather easy.
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