Yes It seems the lenders are pretty much guaranteed of getting...

Yes

It seems the lenders are pretty much guaranteed of getting their principal back, plus the 25%, and in the meantime collect their interest on the loan.

The way I read it, if things fall over, they can take over the properties themselves under certain conditions and sell them at their leisure (probably once the market for such properties picks up again in the next cycle).

So it would seem a win/win for the lenders.

Meanwhile, the shareholders (unit holders) are just hoping some sales will go through at half decent prices in order to get some return on their investment.

This sort of story sounds all too familiar on the ASX.

Having said that, I like the range given, so if it comes in even at the halfway point it is a decent return from these levels.

I am still reading and researching, but I think I'll look at a position in the mid 3c range if it gets there.

Milesy