Shovel-ready cohousing neighborhood in Virginia needs your financing ideas
From: Z. Peter Lazar (peterlazargmail.com)
Date: Thu, 2 Jul 2009 04:05:17 -0700 (PDT)
Hi Extended Neighbors,

For those of you energized to help spread cohousing as a cause, I'd like
to ask you for some simple assistance where a few moments of your time
could make a very big difference in completing a 26 home cohousing
community.

Blue Ridge Cohousing is looking for a bank or other creative lending
body for construction financing.  We've checked with the
cohousing-friendly banks listed on this listserv, but they loan money
only in other parts of the country than Virginia.

Can any of you recommend a bank or other institution that is either in
Virginia or willing to lend in Virginia?  Perhaps there might be some
"Angel Investors" willing to invest in this project? It is a mature and sound project (low risk) and I'd be happy to give many details upon request.

In summary, we are an established and energetic group of prospective
cohousers with a beautiful fully-rezoned property near Charlottesville
Virginia.  We have an  approved site plan, approximately 70% presales
($10K commitments) and a very experienced builder that built Shadowlake
Village Cohousing and Elderspirit.  The cohousing neighbors have put
over $500K cash into the project to buy the land.  Unfortunately, our
Plan A of having our builder obtain the construction financing is not
working (we were ready for a loan just after the global financial meltdown).

This should be a simple thing in normal times due to our 70% presales
and strong development partner.  But we're having problems finding a
bank that will loan money on reasonable terms.

Can you help out Blue Ridge Cohousing as well as the cohousing cause by
providing some names and resources that I could follow up with?

thanks,

Peter






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