Money again
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

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