Great post JCoulterI'm starting to wonder if itsnotgambling or...

Great post JCoulter

I'm starting to wonder if itsnotgambling or Milken$, I think both are one and the same could even be Mike West.

Both fail to give credit when its due and both seem to not understand the nature of the business in that you lend money, developers build things and the loans get paid back. Therefore its cyclical so cash and gearing levels could fluctuate significantly at a given point in time. The first mortgage fund is all secured by first mortgages against australian real property, hence its name.

Also, the $41m of loans in default, I have been told 1 loan represents $37m for a building in Melbourne which all the units are just about sold off.