|Splitting Off Common House||<– Date –> <– Thread –>|
|From: Sherri Rosenthal (enocommonscompuserve.com)|
|Date: Wed, 6 Oct 1999 23:40:10 -0600 (MDT)|
I wonder how splitting the common house off from the loan to build the homes will really help, given that a deed of trust on the common house would be difficult to impossible to enforce with any real benefit to the lender. In other words, the common house is crummy security on a loan, because the lender can't easily get value from it by foreclosing and reselling the property. Therefore, it strikes me as potentially a counter-productive strategy to split off the common house if you really intend to build it and if you can't finance its construction from funds either from within the group, or from a private lender who is committed to the idea of cohousing in the way that a lender internal to the group might be. Best, Sherri Zann Rosenthal Developer, Eno Commons Cohousing
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