That's a joke, right? The banks don't say "We're going to finance this, but you only get $400 a week, careful with it".

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That one guy (employee) did come up to me and say not to take pictures! Then said he was only kidding.
 
interchange42 said:
That's a joke, right? The banks don't say "We're going to finance this, but you only get $400 a week, careful with it".

42
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But in fact, they do. They give out the money in stages, and conditions have to be met to receive the next payout (construction scheduling, lien issues, etc.). No bank is just going to cut a cheque for $100,000,000 and wait to get repaid.
 
Of course the banks pay out in stages, but they do not pay out so that the developer has "one guy doing all the work" as per above. If there are issues with this taking a while here, they are far more likely to be construction issues, not financial ones. Lifetime has several major projects on the go at various stages; there is zero reason to believe that money is the problem here.

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If Lifetime has enough budget to complete this project why they don't hire enough staff to proceed the project more quickly..?
INDX Condos,Karma Condos and The Bond Condominiums are all moving fast..
 
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As has been documented earlier in this thread, this is a tight site which faces logistical issues due to a lack of staging space. If the issue was financing, there would be zero activity on site. They wouldn't just hire one or two workers at a time.
 
interchange42 said:
That's a joke, right? The banks don't say "We're going to finance this, but you only get $400 a week, careful with it".

42
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I didn't say it definitively, "It's got to be some kind of financial problem"

My thinking was more along the lines of the developers cost estimates were short of what they actually need to develop the project or something like that. does anyone know if that has happened in the past?
 
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ahmedyusali said:
If Lifetime has enough budget to complete this project why they don't hire enough staff to proceed the project more quickly..?
INDX Condos,Karma Condos and The Bond Condominiums are all moving fast..
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I dont know about that, it took INDX 9 months from the time the crane was installed to reach ground floor, and i believe the footprint is smaller than Bisha
i pass there everyday and i can tell you, there a lot more than 2 people working, more like a couple dozen
 
E.B. said:
I didn't say it definitively, "It's got to be some kind of financial problem"

My thinking was more along the lines of the developers cost estimates were short of what they actually need to develop the project or something like that. does anyone know if that has happened in the past?
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That's a laughable situation. No bank is going to accept cost estimates at face value from a developer. Independent cost estimates with significant contingencies would have been undertaken prior to loan approval. There are additional contingencies in the loan documents, which would call for using all of the developer's planned profit before the bank would be at a loss.
 
fedplanner said:
That's a laughable situation. No bank is going to accept cost estimates at face value from a developer. Independent cost estimates with significant contingencies would have been undertaken prior to loan approval. There are additional contingencies in the loan documents, which would call for using all of the developer's planned profit before the bank would be at a loss.
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Maybe lender is waiting for additional cash injection from developer.
 
CN Tower said:
Maybe lender is waiting for additional cash injection from developer.
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It sound's possible or as one of the other post noted it could be that they're waiting for special equipment. either way it's odd the way this is rolling out.
 
E.B. said:
It sound's possible or as one of the other post noted it could be that they're waiting for special equipment. either way it's odd the way this is rolling out.
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There are other odd ones in town, for example Urbancorps Kingsclub development which hit rock bottom in March and are still waiting for cranes
 
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