Re: Bridge Loans
From: Rebbry (Rebbryaol.com)
Date: Mon, 15 Dec 1997 11:01:17 -0600
Marty at Two-Acre Wood wrote:
<<We need some help here!!  We are at the critical point of almost ready to
apply for our bank loan for construction.  Because of the usual low
appraisals, we'll need to raise something in the neighborhood of 400-500
thousand dollars!! on top of the capital contributions that we have all made
to show the bank that we have all the money to build the project.  This is to
be raised by 12 households.

We are looking for creative ideas that you all used to raise this bridge
money.  Also, if anyone knows good sources that will lend this type of money
to coho groups at a reasonable interest rate, PLEASE let me know.>>

I understand that the Federal Home Loan Bank will make bridge loans.  Some
banks are FHLB members; others aren't.  The bank itself will make the FHLB
application on your behalf.  Also, if you have affordable units involved, you
might get help from a community development loan fund. 

Rebecca Bryant
Ozark CoHousing where we looking at real estate
  • Bridge Loans MartyR707, December 14 1997
    • Re: Bridge Loans Rebbry, December 15 1997

Results generated by Tiger Technologies Web hosting using MHonArc.