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iStar Financial Inc. Message Board

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  • rollnon rollnon Apr 8, 2008 2:12 PM Flag

    No, Ferdie

    ferdi, you continue to refer to a required refi from the banks to pay for Freemont. If you will simply listen to the last conference call, you can discover that SFI has at least three different alternatives for securing capital to pay off their obligations. While I appreciate your comments when factual, your continued efforts to cast doubt and gloom over SFI's prospects with the use opinion not facts is not appreciated.

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    • I'm neither short nor long, although I'm postively predisposed to believe in the iStar team as I think very highly of Sugarman.

      That being said, don't take the management teams assertions about their funding options at face value. Speaking as someone who is currently trying to refi a deal out of a bridge loan, you cannot underestimate how choppy the financing markets continue to be. Unless I am mistaken, SFI is counting on significant principal repayments as a major funding source for 2008...don't count on that happening as planned. Borrowers will struggle to refi themselves and may either default or require extensions. Also, check out what happens if they get downgraded from investment grade (I believe they are on negative outlook). If that happens, they likely won't be able to leverage their CTL assets and that could lead to a spiral.

      I'm not trying to be an alarmist, I'm just suggesting you dig a little deeper than what management is saying.

 

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