Amo
Lack of bank guarantee is certainly one of the risks you take if you invest in a LJDF product (or indeed any other product that doesn't have one.) I think it would be naive to assume that Fadesa would simply step in and finish the build (not to mention furnish and equip your property) should something happen to Property Logic. I think it is worth letting your agent know your concerns. He or she should be only to happy to gather what information they can to address your concern. If they can provide copies of documentation that you interpret to show Fadesa having obligation to finish off your properties (in event of Property Logic not being able to) then great.
I reserved my VVT8 property back in June last year. Lack of Bank Guarantee was one of my main concerns. My take then on this risk was that is was still a risk, just that probability of Property Logic going bust was lower than for other new companies* and that this being a Plan Azzur development reduced the probabilities of something going badly wrong.
*The Estonian memeber of the Property Logic team is incredibly wealthy. I'm not saying he would unconditionally ply his own money in if there was a cash flow problem (normal reason for new companies going bust.) However, if he can see that the returns were still going to be good he may decide to invest more of his own funds. Given the profit margins involved I think it is likely that the returns would still be attractive to him in event PL go over budget with the build or fail to bring in all staged payments in time. Of course, this is just an opinion! I do not have inside knowledge or access to more information than yourself. A further reason I'd expect PL to be more stable than other new companies is the deal struck with Neo. I assume that the sale of so many properties will result in large injections of cash at regular intervals.
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