Cohousing-L Mailing List: Re: Cohousing success documentation for banks as we begin the loan search

[Michael Black (mblack]

The Two Acre Wood Cohousing community in Sebastopol received a loan from
Luther Burbank Savings. It was totally self-developed. We thought it might
help the financial institutions embrace it if we presented it as a group of
owner-builders building their homes together. It is organized as a Planned
Unit Development as opposed to a condo. This type of organization allows the
homeowner to also own a legal lot, besides the entire structure of the home.
An owner of a condo only owns the airspace. Both PUD's and condo's require a
HOA (homeowner's association). I am sorry if I am repeating what someone may
have previously written ? I am too busy to read all of the emails.

Yulupa Cohousing also received a loan from Luther Burbank Savings. This was
developed by a developer. The future members did not invest in it. The
strength of the developer and the bank's familiarity with cohousing made
this attractive to the bank.

Luther Burbank Savings is located in Santa Rosa, CA.

Michael Black
Yulupa Cohousing
Community Life Development LLC

> It seems odd to me that banks would have any issues. You are basically just
> building another condo, one which usually has many units presold before
> contraction. Cohousing really should not enter into the banks equations for
> loans. In our CC&R's we are just a boiler plate condo to the banks.
> 
> Rob Sandelin
> Sharingwood Cohousing
> Snohomish WA
> 
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