Bank Lenders to Cohousing TIC
From: William New (new.williamgmail.com)
Date: Mon, 22 Jun 2015 10:46:43 -0700 (PDT)

On 20/06/2015 12:12 PM, Fern Selzer/US/CA/95003/NBC via Cohousing-L
wrote:

> looking for a bank that will make fractional loans to our members.

>> Tenancy in Common, our only option in our county and like a co-op I think. Being a TIC is not ideal, but was what we could do to create cohousing in an affordable property we found, already built.

We did the same (TIC) with a 3-unit 1906 Victorian that we completely renovated in San Francisco.


>> In California, at least in our county, it would be expensive and difficult, if not impossible, to convert to condos.

In San Francisco, not impossible but VERY expensive (estimate $80K total for the three units) plus another two years before we can apply for condo conversion, even with the new "expedited" process.


 >> No one has mentioned any other banks so far.

Our TIC is financed by Sterling Bank. They also provided construction lending to complete our renovation after all other lenders vanished in the 2008-2010 financial collapse:

https://www.sterlingbank.com/mortgages.html

Sterling has a welcome personal touch -- the power of a "local" neighborhood bank. They are a Michigan-based bank, but serve customers throughout California.

Our renovation was a 5-year trail of tears through Planning Department delays/denials/appeals, contractor bankruptcy, neighbors upset at slow progress -- all compounded by the sustained lack of construction lending that wiped out our cash reserves. We are still recovering.

Dream, hope, pray -- and never quit!

=== Bill

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William New, MD
The Novent Group
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Palo Alto, CA
94302-0879
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San Francisco, CA
94146-0640
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tel: (650) 328-4000
fax: (650) 328-5000
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em: wnew [at] novent.net
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