Income-producing real estate in uk.
Chamoss looks stable as long as rent from its VW-linked UK portfolio keeps flowing, but that stability rests on a highly concentrated structure with a narrow unrestricted-cash cushion.
Chamoss Series A is backed by a serious security package, but not by a plain mortgage over unrestricted real estate. The strength comes from the combination of property rights, the deed of undertaking, sale restrictions, and covenant protection; the weakness is that realization…
Chamoss can keep servicing debt as long as VW-linked rent keeps flowing, but almost no unrestricted cash is left after debt service, investment, and dividends. That means covenant comfort is not the same thing as broad cash flexibility.
