Investors were asked to sign blank loan applications

Posted by on September 8th, 2008 at 01:35am

Stefan Fobes wrote an interesting post today on
Here’s a quick excerpt
The Chatham in Pitt Street, Auckland, is also being developed by the Greenstone Group. It only commenced construction this year with Westpac providing the finance.
Other developments where investors have retained Dale include the Bianco on Queen, a twin-tower apartments complex off Queen Street which will be completed early next year. The developer Norwich Enterprises is again financed by Westpac.
Another is Icon Central, a 156-apartment building in St Martins Lane, Auckland, also due to be completed early next year. The developer is Paxton Pacific Group, which is funded by Westpac and Babcock and Brown Real Estate Finance.
Stadium, a 174-apartment building near the Vector Arena in Auckland is also financed by Westpac. The developer is Perron Group.
Individual investors under pressure from the Blue Chip collapse if forced to settle their purchases may be unable to do so. This could result in mortgagee sales. Funders of the individual apartment purchasers include GE Finance […]

Read the rest of this great post here

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