In recent years, developers have used the presale method to finance property developments. From a finance perspective, four players are involved in the property development process: (1) the developer, (2) the buyer(s), (3) the construction loan lender, and (4) the mortgage lender. The rationale behind the presale method is that developers often face difficulties in securing construction loans. Here, the presale method helps to fill the financing gap and start with the construction of a development project with much less construction funding. In essence, permanent loans given to buyers of units of the development project reduce the amount of construction funding required by the developer.

A. Three of the above players are facing significantly more risk with the presale method than the fourth player. Which players face more risk? Why? [Answer the question in no more than 75 words.]