Meanwhile - Who's Minding The Store? (Part 2)

This following the previous post
Meanwhile - Who's Minding The Store?
immediately below.

The Nelson Star, 11 July, 2014, has it that Russell Precious, Nelson Commons Condos - Project Manager, is attempting to have the Vancity Credit Union and the Nelson and District Credit Union agree to restructuring the prerequisite for their big money to kick-in to finance the project: lowering 46 of the total 54 units having to be sold first to - 32!

A giant leap - particularly considering that these 2 banks by-any-other-name - as any risk-averse bank would - must (should!) have ages ago begun to wonder at the public's low-voltage interest in these condos - thus the long-term financial viability of the project. If so - what "security" has made them hang in there so long? Even building with 46 sold would mean 8 empty - that with gossipy Nelson being gossipy Nelson and several other condo-projects in the offing.....

Starting to build with 32 units sold - thus 22 not! - seems like a fool's paradise and gross incompetence at these banks. Precious - supposedly having sold/sales pending of 28 units, thinks he can sell 4 more no sweat - according to the Star - and is ready to build with 22 vacant indefinitely.

But then - with the uninformed Co-op's member/owners thus far unwittingly having footed the project's bill: maybe their store - with its financial projections - is (has been for a while) used as collateral.

Otherwise - how would the banks be so stupid!