RE:RE:Sage Ranch Real Estate ReportYou need to perform research because they are not and have never said "No Houses".
The question is does GRB dip into the VOYA financing at 12%-15% interest rate (we don't know yet), build out all the Phase 1 infrastructure + water rights + bonds + permitting + Sage Ranch's office + bonuses paid, etc..
Complete all that and then dip into the remainder of the $40M to start building houses before they can collect any deposits. "Subdivisions which fall under DRE jurisdiction may not be offered for sale or lease until a conditional or final public report is obtained." - DRE. Which means no cash inflow from deposits till end of March or April at the earliest.
It takes balls to do that.
Just saying.