Makes a lot more sense.Interesting he defaults on a 160k mortgage on a 490k house, and resorts to needing a life boat.

The one I looked at closely (a resort conversion project in Orlando) looks like a good chance of ending up stuck with a property that was a money looser and imposible to sell.I would also be curious to hear other's thoughts on these deals.Jon

I've looked at this for a number of years, mostly CO and UT ski resorts and it never made good sense to me.

I would ask for 100% financing at 7.5% interest (I would avoid interst only, but if that was a last resort I would take it), with a three to five year balloon.

You either fix it up as best as you can or if you are open to the idea you could always resort to feng shui?

Sounds like this was one where the bank had it prices WAAAAY too high and resorted to a commercial auction to get rid of it.

Two ski areas open already, if you consider a single track of snow across a green mountain truly open.

Bank Turan Alem Group invested about one billion USD in hotels in sea-resort Batumi, a businessman from Dubai purchased hotel Sheraton in Tbilisi for few hundred million USD, and lots of property besides, he alreay spent 1 billion and he plans to spend 1 more billion.

Even though we focus on a variety of funding requests, we seem to focus on funding projects related to commercial properties such as hotels, resorts, casinos and other types.

If you moving to Florida do you really need to bring that old snow suit, sled and ski mask?