Quote Originally Posted by Eli View Post
One of our clients filed BK but not because they weren't selling houses. The bank wanted payment of their $72,000,000 LOC in 90 days. Froze all their assets and I spent the next 6-8 months fighting off mechanics liens. It was a mess, the nicest group of people ever and it just sucked. The other is still in business.


Sent from my Bat Cave!!!
I was lucky almost everything we did was cash and any LOCs we had to get never had personnel guarantees for any of them, of course we never had any problems, but I'm not risking my stuff.

Any of the properties that needed financing the banks had deeds of trusts on them, they would have gotten the propety/development, but walk-away options for us, hey, I ain't no dummy.