1.Taylor's Development has recently listed its latest housing project on the market. These well-appointed houses have all the amenities of modern living and ample space to facilitate needed expansion.Located 10km from Falmouth town, these houses are located close to schools, commercial centers, hospital, police station and churches. There are 3 detached two bedroom houses priced at $13 million each and 20 detached three bedroom houses priced at $16 million each.Adam Spence, the sole owner of Spence's Garage, has approached your institution and requested $14 million to purchase a three-bedroom dwelling for residential purpose.Identify and explain the different elements in assessing Adam's creditworthiness; ensure your analysis entails practical examples