Bridgecorp another Westpoint
Published 1 year, 1 month ago in Where I Live.Another property development company has bitten the dust. http://www.news.com.au/business/story/0,23636,22015574-462,00.html
Bridgecorp seems to be very similar to the one time part owner of the old Coburg High School site Westpoint.
Besides the investors who will loose money it seems unbuilt developments in Australia and Fiji will be the legacy of this collapse.
7 Responses to “Bridgecorp another Westpoint”
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Peter…never let the facts get in the way of a good conspiracy. Bridecorp is not a ‘Another property development company’. It is a finance company.
As the article says Bridgecorp attracted investors with the incentive of high returns and that money was then lent on a short-term, high-interest basis to property developers, many of whom were a high risk because they had been knocked back by traditional lenders.
A simple message to all would be investors….if sounds to good to be true, it probably is! High returns = high risk.
trouble as always when these things happen is the little person gets hurt and upper echelon will just walk away dust themselves off and start up another scheme to exploit.
Once again the greedy will be complaining. Anyone who puts all their money in to one investment, and one that is claiming to pay more than the banks charge for mortgages deserve to lose their money. It is still the old saying, if it seems to be too good to be true, then it is!!!!!
I sincerely hope that this sad news will not deter investors from seeking some of the many bargains that are still to be had in the field of investment. I could mention two companies that I have a significant interest in and can therefore vouch for their absolute integrity. The first, which you may have heard of, is Bridgepoint Investments, currently offering 19.5% p.a. whilst the second is the equally prestigious Westcorp Realty Fund offering an amazing 21.3% p.a.
Needless to say there is a modicum of risk attached to these investments but the potential rewards surely outweigh any concerns in this direction.
Naturally, as an interested party, I couldn’t possibly recommend either of these stocks personally
Vivavoce - you may want to turn this into a classic working class vs. upper class but it aint that all. What you have is greedy people on both sides.
Peter - I see that you have changed profile so as to no be so NIMBY.
But it still does not make any sense.
So you are saying that ‘public land’ shouldn’t be sold at all?
If it no longer serves a public purpose why shouldn’t it be sold?
Or are you saying that if it is to be sold it should be sold to someone who will use it to make profit.
Well, that just doesn’t make sense.
Of course it wasn’t like community didn’t make anything out of it. The money from the sale of land would have gone back into general revenue and used for all sorts of things
SB - we can debate about the type of company Bridgecorp and Westpoint are, but the fact remains it is they raise money to invest into building. When they go under, as many more will , its not just the “greedy” investors who suffer, but the residents who live neasr the unbuilt, never built or poorly built buildings.