[aliante]

> high potential demand.

That would require growth. Birmingham is not growing.

> the buildings as collateral.

Except the buildings are not worth much of anything. I may as well offer my shoe as collateral.

[etchalon]

Why would that require growth?

An underserved market exists on its own. If I find 100 customers willing to pay X for a service that no one is offering, I do not need that 100 number to grow. I just need to make that existing base profitable.

Second, garbage buildings as collateral combined with a personal guarantee is the least uncommon thing in real estate investment you’ll find.