|INVESTMENT THRESHOLDS AND WHEN||<– Date –> <– Thread –>|
|From: Linda Gluck/Treehouse (treehousenetstep.net)|
|Date: Tue, 3 Aug 2004 07:49:29 -0700 (PDT)|
Hi Our coho, Ulster County (NY) Cohousing (our uninspired name for now), has a binder on a beautiful, large farm. We want to buy it and sell off some parcels to bring the land cost in line with our budget. We do not have a developer to buy the land for us. We are putting together some coho consultants as a team. Our immediate questions: - In handling upfront costs, what was the minimum investment each household had to make? Did you have to ante up for the land, infrastructure prior to construction loan and soft costs like professionals? - Did all households have to contribute the same amount? - What minimum amount of $(or % of total loan) was necessary to demonstrate good faith of households to bank? From bank's point of view, were all households required to kick in? - What % of units had to have a buyer committment before construction could start? Sharon Villines has already helped w great information. Any others? Many thanks, Linda Gluck Ulster County Cohousing
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