WeWork’s Once Robust Cash Reserves Have Dwindled, Raising Chances of Default

Re:WeWork’s Once Robust Cash Reserves Have Dwindled, Raising... by londons_explore on Friday December 16, 2022 @02:05PM (#34018622)

So how did Neumann personally have enough money for the downpayment on $1B worth of property?

Do mortgage providers consider it enough to show a signed multi-year tenancy agreement as sufficient collateral to offer a 100% value mortgage, and therefore Neumann didn't need to put in any cash himself?

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Re:WeWork’s Once Robust Cash Reserves Have Dwindled, Raising... by humanistbot on Friday December 16, 2022 @02:20PM (#34018837)

> Do mortgage providers consider it enough to show a signed multi-year tenancy agreement as sufficient collateral to offer a 100% value mortgage, and therefore Neumann didn't need to put in any cash himself?

I'm pretty sure he didn't apply for a traditional mortgage through a traditional lender in the way that we plebians or even publicly traded companies do. He has a long history of using his charisma and star power to get private individuals to make completely idiotic deals that benefit him and leave them holding the bag.

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Re:WeWork’s Once Robust Cash Reserves Have Dwindled, Raising... by martinald on Friday December 16, 2022 @02:29PM (#34018980)

I thought he got a ~$500m payout from softbank? Can easily leverage that to buy a billion+ worth of property.

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