Re: getting money up front
From: vandeist (vandeistmsn.com)
Date: Mon, 8 Feb 2010 12:45:09 -0800 (PST)
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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