Re: Construction Loans
From: Rich Lobdill (
Date: Wed, 23 Sep 1998 14:32:30 -0500

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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