Re: peer to peer lending club for Cohousing? | <– Date –> <– Thread –> |
From: Joel Rothschild (joelecovillagers.org) | |
Date: Fri, 2 Oct 2015 07:55:37 -0700 (PDT) |
Peer-to-peer lending and crowdfunding approaches are emerging for
community. Ownership structure makes a big difference. Shared-equity and
community land trust-based communities are easier to crowdfund, because
you're effectively funding an organization rather than individuals. For
these communities, peer-to-peer financing can come through a "real
estate investment co-op." The REIC is still a new animal, but groups in
Minneapolis and NYC have already taken it up. If I'm not mistaken the
REIC in Minneapolis (http://www.neic.coop/) did get an SEC "no action"
letter--meaning it doesn't bear the expense of being regulated like a
bank--and it has successful construction under its belt.
I have to plug the work I've been doing on this, too. It's exciting to hear there's interest! In a few months we are launching the Ecovillagers Cooperative, a peer-to-peer investment, development, membership, and professional services co-op for cohousing-inspired ecovillages. This might be the first REIC to reference cohousing explicitly it its mandate. Hopefully not the last.
For traditional condo- and HOA-based cohousing, I see a couple of paths: (1) Identify the most cohousing-supportive credit unions and get as many cohousers as possible to use them. Virtuous circle. (2) See if a community-minded bank can be persuaded to start a certificate of deposit program dedicated to cohousing, akin to the Equal Exchange CD (http://equalexchange.coop/eecd).
An REIC for traditional cohousing isn't impossible, either. It just requires a cohousing developer of good track record to sign on for the long term. Not every cohousing project is a money maker for the developer, so you'd need a bigger, ongoing operation to ensure ROI for the investors.
Joel Joel Rothschild Ecovillage Developer Founder, Ecovillagers Cooperative http://www.ecovillagers.org +1 202 41 ROOTS (messages) +1 206 383 7804 (mobile) On 09/29/2015 06:16 AM, cohousing-l-request [at] cohousing.org wrote:
Date: Sun, 27 Sep 2015 19:08:35 -0400 From: mira Danyel brisk<mirabepeace [at] gmail.com> To:cohousing-l [at] cohousing.org Subject: Re: [C-L]_ peer to peer lending club for Cohousing? Message-ID: <CAJ5KcwkQCwtocYQ07ScWh76r3=569jR=-ab2EiR3LUgMbnZkRw [at] mail.gmail.com> Content-Type: text/plain; charset=UTF-8 Wonderful discussion and suggestions. Yes, how can such a community based bank for Cohousing projects be started? On Sep 26, 2015 8:34 AM, "John Sechrest"<sechrest [at] gmail.com> wrote:It is an interesting idea. One thought that I had was more focused on the Community Sourced Capital idea. https://www.communitysourcedcapital.com/ But they have a limit on amount of funds collected and have a business model aimed at cashflow businesses. It seems like it should be possible to set up financial mechanisms where people interested in cohousing in a broader sense help diversify their investments by investing in a broader range of other cohousing places. A cohousing savings and loan or a cohousing credit union does not seem that far out of place. The big question would be the commitment of people to engage in building the engine. We have local credit unions and banks that think that they are in this business. I wonder if it is a matter of having a deeper relationship with them. Every time this conversation comes up on the list, the National Coop Bank conversation should be part of the conversation. They seem to be working on a national level to try to get into this market: http://www.cohousing.org/finance-affordable However, it does not take a bank or a credit union to do this. It is possible to organize other mechanisms. On Fri, Sep 25, 2015 at 5:04 AM, S. Kashdan<s_kashdan [at] hotmail.com> wrote:Hi all, This is Sylvie Kashdan of Jackson Place Cohousing in Seattle, Washington. I am wondering if there is any current news of people working ondevelopingsome sort of peer to peer lending or other kind of financing organization specifically devoted to cohousing? I recently read two articles in Consumer Reports on the topic of peer to peer lending and investing, and it seemed to me that it might be somethingworththinking about for cohousing financing, if there were some people with banking knowledge and abilities who could organize it. What do others think? What you need to know about Lending Club and Prosper These new meeting places for borrowers and investors are givingtraditionalbanks a run for their money This article appeared in the February 2015 issue of Consumer Reports magazine. and Investing in Lending Club and Prosper Peer-to-peer lending can boost your income This article appeared in the August 2014 issue of Consumer Reports Money Adviser. Cohousingly, Sylvie Sylvie Kashdan Community Outreach Liaison Jackson Place Cohousing 800 Hiawatha Place South Seattle, WA 98144 www.seattlecohousing.org info [at] jacksonplacecohousing.org _________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/
- Re: peer to peer lending club for Cohousing?, (continued)
- Re: peer to peer lending club for Cohousing? Alice Alexander, September 25 2015
- Re: peer to peer lending club for Cohousing? Sharon Villines, September 25 2015
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Re: peer to peer lending club for Cohousing? John Sechrest, September 25 2015
- Re: peer to peer lending club for Cohousing? mira Danyel brisk, September 27 2015
- Re: peer to peer lending club for Cohousing? Joel Rothschild, October 2 2015
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