Re: historical examples of coho development in falling market? | <– Date –> <– Thread –> |
From: Ann Zabaldo (zabaldoearthlink.net) | |
Date: Wed, 4 Mar 2009 13:11:34 -0800 (PST) |
Chris and all -- you are correct. BOTH construction AND the take out
mortgage funds were in place at the 2nd orientation for TVC. I was
just speaking to the need to have end user money in place because
people think building cohousing is like buying a house. You go look
for the $$ after it's built. That may be too late.
But you are correct that you would negotiate or use the construction lender to get the best mortgage deal.
Best -- Ann Zabaldo Takoma Village Washington, DC Principal, The Cohousing Collaborative McLean, VA PH: 703 663 3911 FAX 202 291 8594 On Mar 4, 2009, at 2:12 PM, Chris ScottHanson wrote:
Ann, We find that it is premature to try and do anytime with take out lending before final negotiations on the construction lending are underway. It is the construction lender who has the greatest motivation to identify the take out lending, and often they want to participate in this themselves. An example is JP Cohousing where Wainwright Bank did construction lending and most of the take out loans as well. They would have done more of the take outs if the cohousers had all gone to them. As cohousers are not easily herd-able, many JPCohousers chose to go with their own bank or other mortgage lender. In Brooklyn we plan to work with the construction lender to structure an offer, much like Wainwright did, to package the take out loans with reduced fees and low appraisal costs. Chris On Mar 3, 2009, at 12:00 PM, Ann Zabaldo wrote:I would suggest getting your take out mortgage money lined up in advance. That's one thing the developer, Don Tucker of Eco Housinghad in place from the beginning. At the second orientation for TakomaVillage waaay back in 1998 he walked in and the lenders walked inbehind him. Ditto for Eastern Village. I worked on both projects andwhat I learned is that building a community in which people can't getloans is a sure fired way for the development to fail. So always havethe mortgage money lined up._________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/
- Re: historical examples of coho development in falling market?, (continued)
- Re: historical examples of coho development in falling market? Sharon Villines, March 3 2009
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Re: historical examples of coho development in falling market? Ann Zabaldo, March 3 2009
- Re: historical examples of coho development in falling market? Sharon Villines, March 3 2009
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Re: historical examples of coho development in falling market? Chris ScottHanson, March 4 2009
- Re: historical examples of coho development in falling market? Ann Zabaldo, March 4 2009
- what are take out loans? River Snow, March 4 2009
- Re: what are take out loans? Jessie Kome, March 5 2009
- Re: what are take out loans? Sharon Villines, March 5 2009
- Re: what are take out loans? Marganne Meyer, March 6 2009
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