For someone who works in finance for the last 15 years, you...

For someone who works in finance for the last 15 years, you would certainly know credit approved for $200M out of $300M does not mean you have $200M to spend. That is NOT true at all. Otherwise, FAR would have stated this in their release. Instead, they chose a carefully worded statement.

In any case, you should know that. You have to get finance for the whole project - not half a project and hope to gain more later. You should know this as a person who works in multi entities and multi projects. Unless you are talking about doing a property development of getting finance for one house at a time. This is totally different as it involves a public company and Not a private company.

You should know those who gave credit approve for $200M are certainly NOT going to go forward, with the knowledge that shortfall of $100M exists. That is a foreseeable negligence if they were to proceed forward, as the borrower will likely end up broke (the market knows how to calculate and would short the SP), and investors who originally provided the loans to the financier would sue the financier for such negligence.