Cohousing-L Mailing List: Re: [C-L] Finances / Profits - cohousing bank

[Chris ScottHanson (chris]

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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