The Deal with Adam Di Marco · Monarch Residences: Luxury at Scale - James MacGinley, Consolidated Properties Group
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Negotiated lender pre-sale debt-cover requirement down to 20 % of total debt
20 % debt cover; $70 M target sales
“It's a simple formula. And what it is, is it calculates a ratio, a number that takes your net operating income divided by your total annual debt service, your debt payments, and it gives you a number that can be used to compare.”
“They wanted to shut me down. I negotiated a three-month stay of execution and took up a proper business premises.”
“You need to earn over 13% on your investment to be better than paying down the debt… debt repayment is risk-free”
“Debt is down to almost nothing compared to where it was. It was $60 million, now it's down to $4 million”
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