|Internal loans||<– Date –> <– Thread –>|
|From: Rowena Conkling (rowenacworldnet.att.net)|
|Date: Mon, 28 Dec 1998 19:04:56 -0600|
I'm not quite sure what kin d of loans you have in mind. We have had three different kinds of loans at CambridgeCoho. In order to purchase our land we needed more than the downpayments of the members at that time added up to. A number of the members were able to come up with fairly substantial sums which they loaned to the LLP at the going rate of interest. Most of these loans were paid off as people bought the units. However, some are still in place and will be paid off by an assessment as soon as the contractor is paid in full. The assessment can be paid either in cash or by monthly additions to our condo fees. A second set of smallish loans (approximately 2% of cost) was also entered into by a substantial number of people at the time they got mortgages. These are being paid off by deducting the amount due on a monthly basis from the condo fee. There were also a couple of loans by the LLP to individuals who needed help with their down payments. These are being repaid to the LLP as monthly additions to the condo fees. All of which sounds a lot more complicated than it seems to be in practice. Our condo fees/costs are very low at the moment because we have central utilities - heating, a/c, electric, and water, and because we are doing the cleaning, trash removal, etc. ourselves (people sign up for a weekly chore or two - as usual, some do more some do less but it gets done, more or less!) This allows us a little flexibilty in repayments. We also have some income from renting offices and extra garage/parking space to members.
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