|Re: Construction Loans||<– Date –> <– Thread –>|
|From: Rich Lobdill (richardlsilcom.com)|
|Date: Wed, 23 Sep 1998 14:32:30 -0500|
Sharon: Tierra Nueva (Oceano, CA) faced that same problem. We had a very interested local bank but they needed personal guarantees and a feeling that the project would actually get built. Both of these issues became non-issues when we teamed up with Jim Leach/Wonderland as co-developers. Essentially, Wonderland became the guarantor and their 30 year track record gave the bank a good feeling that the project would be completed. Teaming up with a developer costs real money, but in this case the project could not have gone further without a professional co-developer. At the time, I was one of the 'managing partners' of our LLC and did much of the interface with the bank. I asked them directly if we would have been able to get a loan without having a Wonderland on board, and they said simply, "no". Rich Lobdill Tierra Nueva Cohousing.
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- Re: Construction Loans Rich Lobdill, September 23 1998
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