Re: Bank Lenders to Cohousing TIC
From: Jerry McIntire (jerry.mcintiregmail.com)
Date: Sat, 20 Jun 2015 13:47:49 -0700 (PDT)
Sounds like you need to change your legal ownership away from
tenants-in-common. Turning it into a condominium association is not
difficult-- at least it wasn't in Massachusetts.

Jerry

Jerry McIntire
Stone's Throw Ecovillage, in the heart of Wisconsin's beautiful Driftless
region
http://stonesthrowcommunity.wordpress.com/
1-608-637-6620

On Sat, Jun 20, 2015 at 2:12 PM, Fern Selzer/US/CA/95003/NBC via
Cohousing-L <cohousing-l [at] cohousing.org> wrote:

>
>
> Hi All,
> We are looking for a bank that will make fractional loans to our members.
>   We created our community expecting to get fractional loans but as we were
> looking for our first loans, the bank bubble burst and all the fractional
> loans for TICs disappeared.    Now they are back, but we have not been able
> to find a bank willing to do this in Santa Cruz (CA) County.  We have a
> perfect payment history, equity in our homes, a default fund, etc.
>
>
> It is very complicated to sell any of our homes because the whole group
> needs to submit their information all over again.   Also, our bookkeeping
> is very complicated and we would all like to be more independent in this
> way.
>
>
> Anyway, that is the background. As I recall,  sometime in the last several
> months, someone posted about National Cooperative Bank and that they are
> eager to loan to cohousing groups. I couldn't find it in the archive.
> Someone from our finance committee contacted them, we were referred to
> someone in San Francisco, who was not open at all to considering us for a
> loan because of our organization.   Did I get the name of the bank wrong?
>  Do they have limited geographic areas that they loan in?  Or maybe someone
> knows a different contact person there who can help us.
> I would appreciate any information on this or any other bank.
>
>
> Thanks,
>
>
> Fern
> New Brighton Cohousing
> Aptos, CA
>
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>
>
>

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