ABSTRACT
The debentures, loan stocks and eurobonds we have been looking at are all “securities” — forms of IOU note issued by property companies and others which can subsequently be bought and sold among investors. But this route is generally not open to smaller companies and the bulk of lending for property development — even to the larger companies — is in the form of straight loans rather than securities. You borrow from a particular bank or group of banks and pay the money back to them at the end of the day.
