|Money again||<– Date –> <– Thread –>|
|From: Robert Cooper (cooppanix.com)|
|Date: Sun, 1 Aug 93 22:21 CDT|
Hi, The co-housing group I belong to (Westchester CoHousing) may lose out on a wonderful site because we as a group don't have immediate access to funds. We are bidding on a site owned by FDIC, and after a lot of hard work, may lose out to a last-minitue entry by a traditional developer. While, in theory, our proposed development would support a much higher bid, we would need time to raise the funds. The developer, with either personal wealth or established lines of credit, can act much faster and offer a stright cash deal. While we may lose this site :-<, one lesson learned is we need to get some type of bridge loan/letter of credit arranged before we go after our next site. I don't think most commerical banks would touch us. So I'm thinking of some type of foundation that might support a CoHousing venture. I'm also thinking of trying the National Coop bank. Does anyone have any experience with these groups? Anyone know of a foundation I might approach? How did you other CoHousing groups bridge the gap between finding a site and then getting the groups financial ducks all in a row? Did you get a stright construction loan then a mortgage? Did you have strong finanical backing from a group member/foundation/developer? Some information please! Robert -- Robert Cooper Brooklyn, NY | "We don't know who discovered water, but coop [at] panix.com | we're pretty sure it wasn't a fish..." 212 309-9600 (Work) | Attributed to Marshall McLuhan
Results generated by Tiger Technologies Web hosting using MHonArc.