The fund loaned money to developers and development by nature requires ongoing drawdowns.
As MFS was not a bank it uses the facility to iron out the inflows and outflows of fund.
Even with 770 million it is still a juggle.
Example enter into new loan for 20 million 6 mill to help purchase and 14 million on a construction draw down.
Cannot afford to have 20 million set aside on funds they may not requrie for 12 18 months.
Juggling developments completing and repay debt and new inflows.
These have stopped so now using funds and bank facility to honour funds lending commitments
MFS
mfs limited
The fund loaned money to developers and development by nature...
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