Each objection here is reasonable, several are correct in specific circumstances, and the answer says so. Nothing is written to close a conversation — a developer who talks themselves into a structure that does not fit their hold period is a bad outcome for everyone. Six objections heard in capital markets and partner conversations, three more that surface in diligence, and a section naming the four situations where the objection is right and the mechanism is probably wrong. The standard to hold: record the reason it did not fit and re-screen the next project, because a developer who was told the truth on a deal that did not work is the one who calls back on the deal that does.
