Greenbriar Sustainable Living Inc V.GRB

Payments to Captiva Verde

[shneps]

The first cheque for $116,491 to PWR for Sage Ranch is due Monday.
I wonder if they pay it or PWR gets their interest percentage back in the net profits of Sage Ranch?

[tylerreddick]

It isn't just the first payment, but all of the following monthly payments that they will have to make, with no cash balance to pay them. Even if Sage goes ahead eventually, and the potential of taking deposits, that is not in the near future. And I wonder even if they start getting deposits for houses, can they use that money for general purposes, or is that for actually building the houses?

[shneps]

Those monies need to be held in escrow. Note in Sven's video the direct comment Jeff makes related to ensuring that anybody that makes a non-refundable deposit (which is not possible yet) requires a banking guarantee that the home will close. Look at how many homes KHovanian never actually closed.

[tylerreddick]

That is what I figured. So what is GRB going to do for money until they actually sell a house?  Unanswered questions abound.

[shneps]

I would imagine they merely defer the payments to PWR. This not an arms length party transaction occurring. Ciachurski, Boyd, Balic and Strasser are the ones making decisions for Captiva shareholders and seemingly have little issue with moving the company's goalposts without independent oversight. When this whole issue related to the water district was holding up the company from proceeding

[shneps]

"“The ruling does not stop the project,” he said. “The project is moving full speed ahead. We are completing the final loan documents with our lender.”- TN News Their are working on completing the final loan documents, then they have lots of money. Curious as to what will be allowable for the paying off of the $8.3M current deficit (if any) or will certain clauses mandate the usage of the

[tylerreddick]

I don't imagine Voya would allow GRB to use the loan money for anything but Sage.  Would a bank allow a private individual to use a house loan to pay off a personal credit card debt without any equity to back it up? Doubtful. What equity does GRB have to back up Voya's $40 million loan?

[shneps]

They don't have enough assets which is why the loan is being broken up into an initial loan for infrastructure and the property. VOYA feels they could recoup the entitled property, with permits to be resaleable for at least $12M. But we know the property is for sale for $181M. Quite the spread.

[lunderk]

I am willing to bet there are a couple banks out there willing to do this lol. ~~Lunderk

[shneps]

Don't forget about the VOYA breakup fees though if GRB were to use an alternate financier.

[tylerreddick]

If Voya backs out, I seriously doubt any decent bank would touch it, but that is JMO.

[Ripple1]

VOYA wouldn't  lend GRB 2 cents for Sage even if they had water and every last permit until THE CONDITIONS IN THE LENDING MANDATE ARE MET.   I womder what those are.  If they wanted to own property from defaulted loans they have the pick of the whole USA!  Tehachapi isn't exactly hot, not in the right way LOL.