Cohousing-L Mailing List: Re: getting money up front

[vandeist (vandeist]

By pulling your money, have you violated any Security & Exchange Commission 
(SEC) regulations?  If people without a history together pool their funds, 
the SEC interprets that as a security.  Did your group members have an 
extensive personal/business history with one another?  Are you an LLC or 
incorporated?  Did you create a security?  Please tell.  We have avoided 
pulling our funds, because we're new to one another as a group and didn't 
want to run afoul of the SEC.  Now we're considering creating a security. 
Van Deist    Venice, FL

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From: "Fiona Frank" <fionafrank [at] googlemail.com>
Sent: Monday, February 08, 2010 10:35 AM
To: <jen.flynn [at] verizon.net>; <cohousing-l [at] cohousing.org>
Subject: [C-L]_ getting money up front

> Dear Jen and all
> Our group have all put up 30 per cent of the cost of their next houses in
> order to buy the land we now have.....  Sources of funds among the group
> are:
>
> loans from family and friends, inheritances
> selling their houses and either renting, or living in a caravan on the 
> site
> (we havent done the caravan thing yet) or sharing with other cohousing
> members
> changing our mortgages from repayment to interest only, on a temporary 
> basis
> extending our mortgages
>
> good luck!
> Fiona
> Lancaster cohousing
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