IT doesn’t say a deposit was put down YOU insinuated it by your response. Duh. Anyways I digress. “Don’t see where we are in a different place now than we were before the press release.” They locked down the property that people were saying was going to get scooped up by another investor. If that happened that would have been a terrible setback IMO. They also obtained the inducement resolution from the state as well as the tax abatements. Those state incentives were the milestones they needed for the insurance wrap IMO once they got those, the funders put SNPW into pre-approval status for the loan. That’s why they were able to go into contract on the property IMO. Just like when buying a home you need to be pre approved by the lender to make a formal offer and go into contract. Also just like when purchasing a home you need to do your due diligence and identify home owner’s insurance. Then on the day of closing the insurance begins. The insurance policy or (insurance wrap in this instance) doesn’t begin till the day of closing. IMO the loan approval could happen at any moment. This news just made it more clear. My opinions.
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