illinijazz

So, how did that review of financials work for everyone ? He convinces the city he's viable and less than 30 days later files for bankruptcy ? Yes, I know, different corporations but still the same principals; Pursuit won't get financing from any lender now or in any foreseeable future. Are there any updates/news/gossip about this project lately ?

Yes, banks are shutting down people and businesses that are credit-worthy and who are not getting into marginal deals. I know this from a very painful first-hand basis. If Encore can't find financing, and if I could still afford the ranch I'd it that they can't, it's not because it's a "demonstration of excessive wealth" but because banks just aren't going to loan to anyone for anything. Encore required a 5% down payment and that was called a "sale" or "contract". To any lender, those aren't worth the paper they're written on. I know people that can't get refi for homes they've lived in and made payments on for years.

I have heard there are four or less contracts for condos in Encore. I don't see Pursuit getting financing of any type now or any time in the future for this project. Wasn't it One Charlotte that had financing pulled, even with 80% of units under contract?