Re: Re: Membership sale agreement questions
From: Rob Sandelin (
Date: Mon, 18 Apr 94 17:08 CDT
Stephen Hawthorne writes:

>We've been dealing with the Self-Help Credit Union in Durham. and they
>take us quite seriously, and are starting to deal with the Nat.
>Cooperative Bank in Wash, DC.

Incorporation is one way to get a good bank review. Other ways are by 
having purchase/sale agreements in hand for substantial number of the 
proposed units,  Doing a pre-qualification screening based on banks 
criteria so you can show that the members will likely qualify for 
loans, and having contracts with a seasoned construction development 
firm.  It also helps if you can show a good appraisal valuation (The 
appraisal value being greater than the construction cost).

It would be interesting to know if cooperatives are required to put up 
a larger percentage of downpayment than a condominium project.

I would be intersted in hearing about how things work out with the 
National Coop Bank, either good or bad or indifferent.

Rob Sandelin
Puget Sound Cohousing Network

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