A £250 million loan to the developers of Woking Football Club was agreed by Conservative councillors.https://twitter.com/surreylive/status/1271521148656730112 …
Councils acting as funders on developments is not unusual. Were the commercials of this deal bad? If so why?
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Council was initially told that the developer would secure funding. At short notice it was suggested the Council provide the funding for the developer. There is a small return on the loan but huge risk. It is much more usual for developers not Councils to fund developments.
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On this type of development there’s broadly 3 sources of funds: 1. Developer; 2. Bank; 3. Council. Each deal is unique but on this size the structure is pretty normal and I’ve seen it in practice many times. Why is the risk “huge” here? Do you feel insufficient due diligence?
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