I agree with your sentiments but the current climate for refinancing is very very bad and these guys have not made good on their business plans, or the uses for the loans (thus far). I would suggest, given the public knowledge availability of a buyer in the wings, the banks would be foolish to refinance when they can foreclose (if the loans are not satisfied) and then sell on OR the club is sold, the debt is re-paid (by purchaser or buy recipient) or refinanced by a more credit worthy purchaser and the bank reduces the risk profile.