|Re: Banks Who Financed Cohousing||<– Date –> <– Thread –>|
|From: Sharon Villines (sharonsharonvillines.com)|
|Date: Sun, 28 Jan 2007 04:28:40 -0800 (PST)|
On Jan 27, 2007, at 10:12 PM, Steve Faber wrote:
We shopped around to about 15 banks, about 10 would agree to meet with us after looking at our performa. 7 larger, national banks that had bought out local banks turned us down or gave us unreasonable terms (25% down, 100% presold).
One piece of information that is important in this is to say whether you are working with an experienced real estate developer or not. When a group is doing development themselves, banks will not be happy because they feel unsure that the project will get built. Developing real estate is a very complex task and banks do not fund inexperienced people, like they don't fund business start-ups.
Gilda Iriarti who used to do the loans for the Cohousing Company advised me long ago to go to the bank when you are looking at developers because they know who has brought in projects on time and under budget. They will "take a chance" on someone they have worked with before.
Ironically, I suspect the larger the bank gets, the less willing they are to take a chance.
Sharon ----- Sharon Villines Takoma Village Cohousing, Washington DC http://www.takomavillage.org
- Re: Banks Who Financed Cohousing, (continued)
- Re: Banks Who Financed Cohousing katie-henry, January 26 2007
- Re: Banks Who Financed Cohousing Dahako, January 27 2007
- Re: Banks Who Financed Cohousing David Heimann, January 27 2007
Results generated by Tiger Technologies Web hosting using MHonArc.