Cohousing-L Mailing List: Re: Development Financial Structure

[Kay Argyle (argyle]

> Who signed on your construction loan?  All members?

The members who were the officers of our development company, Wasatch
Cohousing LLC.

> Were you really able to find 90% construction financing?

That's my impression, but I don't know for sure.  The loan was almost in the
bag when I joined, and with the information overload of learning about
concensus and construction, I didn't pay much attention to it.  I gather it
had been a long struggle.

> Who provided the construction lending?  Was it a bank or other
institution,
> or maybe private lending? > Chris ScottHanson

Primarily U.S. Bank, plus I believe there is a loan for the Crown* units
with another institution.

Kay
Wasatch Commons

*Apparently Crown is a federal program, administered through local nonprofit
agencies, which is where I got confused into thinking it was a state
program.  Those interested in affordability may be able to find an agency
working with Crown in their own vicinity.  As always, TANSTAAFL** -- a
member of our management team is kept busy filing quarterly and annual
reports, and we have an inspection upcoming in January.
**Heinlein's acronym, "There ain't no such thing as a free lunch."

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