Re: Mortgage referrals for construction lender due diligence
From: Robert (robertenocommons.org)
Date: Sat, 17 Dec 2005 05:16:30 -0800 (PST)
Clifford,

Hopefully, someone from a community who worked with Wells Fargo will contact 
you.  Another approach is to search the cohousing.org's database.  

If you go to the cohousing.org's list of communities, 
http://directory.cohousing.org/us_list/all_us.php, and select a completed or 
building community, their entry includes a Cohousing Details section.  The 
Cohousing Details section has a Commercial Lender entry.  For Eno Commons, our 
entry says Commercial Lender: BB&T.  (Another 

Unfortunately, not every community has filled in this entry.  Of course, I 
recommend only looking at the sites where Wells Fargo has a presence.

Good luck!

-Robert Heinich
 Eno Commons Cohousing Neighborhood
 Durham, NC

----- Original Message ----- 
From: "Clifford May" <clifford [at] texas.net>
To: <cohousing-l [at] cohousing.org>
Cc: "Kevin Stotz" <kevin_stotz [at] yahoo.com>; "Dave Sanford" <dsanford [at] 
austin.rr.com>
Sent: Saturday, December 17, 2005 12:20 AM
Subject: [C-L]_ Mortgage referrals for construction lender due diligence


> As always - things are tougher living in a state where
> the local real estate professionals have never heard of cohousing.
> 
> We are exploring the possibility of using Wells Fargo as our
> development/construction lender.  Part of their due diligence
> is for them to determine whether cohousing units will appraise
> and receive mortgages easily, thus providing "takedown" funding
> to pay off the development/construction loan.
> 
> If you live in cohousing and used Wells Fargo as your mortgage
> lender - we would like contact information to your mortgage banker
> (or possibly just your branch) and your property address - so
> that we can get your mortgage banker on the phone with someone in
> the Wells Fargo mortgage banking department here - so they
> can assure her/him that (adequately well built/affordable) cohousing
> units should appraise and qualify for mortgages without undue
> difficulty and without lender concern that there is a significant risk of
> the property values depreciating due to cohousing resulting in
> the complex being poorly maintained and becoming unattractive as 
> the years go by. The particular Wells Fargo banker we are talking with 
> acknowledges that some of his concern is a general concern about 
> condominiums whether or not there is a cohousing structure to the POA 
> [Property Owners Association].
> 
> Clifford May
> Central Austin Cohousing
> Austin, Texas
> 
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