Re: Finances / Profits - cohousing bank
From: Mac & Sandy Thomson (ganeshrmi.net)
Date: Thu, 13 Jun 2002 07:11:22 -0600 (MDT)
Does anyone know the of status of Support Financial Services?  I thought
that was a sort of 'cohousing bank' started by Zev Paiss.

- Mac
Heartwood Cohousing
http://www.heartwoodcohousing.com


**********************************************************

Chris ScottHanson wrote:

> Message: 4
> Date: Tue, 11 Jun 2002 21:18:00 -0700
> From: Chris ScottHanson <chris [at] cohousingresources.com>
> To: Cohousing-l <cohousing-l [at] cohousing.org>
> Subject: [C-L]_Re: [C-L] Finances / Profits - cohousing bank
> Reply-To: cohousing-l [at] cohousing.org
> 
> on 5/28/02 9:09 AM, Mac & Sandy Thomson at ganesh [at] rmi.net wrote:
> 
>> So we've spent about half of the
>> profit on construction 'wish list' type things (CH improvements, furniture,
>> hot tub, greenhouse, etc) and saved about half 'for a rainy day'.
> 
> This profit/contingency budget line item is the standard way of satisfying a
> construction lending bank that you are being prudent in your project
> budgeting.  It looks "normal" to them, and results in good loan terms and
> lower interest rates.
> 
> Would it not be great to have a cohousing bank?
> 
> Imagine all the money in commercial banks or other institutions, invested in
> god knows what!  60 cohousing communities, must be an average of at least
> $100,000 per community in reserves and rainy day funds.  If half of that
> were invested in a cohousing bank, and made available to cohousing
> borrowers.. just imagine.  Should be $3,000,000 or more available already.
> 
> Any bankers out there willing to take on the task?
> 
> In the mean time, there is a Credit Union called The Sunshine Credit Union,
> which people might want to look into for placing some or all of their rainy
> day funds.  Anyone have contact info for them?
> 
> Chris ScottHanson
> (on an airplane, catching upon many hundreds of unread emails)

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