|Shovel-ready cohousing neighborhood in Virginia needs your financing ideas||<– Date –> <– Thread –>|
|From: Z. Peter Lazar (peterlazargmail.com)|
|Date: Thu, 2 Jul 2009 04:05:17 -0700 (PDT)|
Hi Extended Neighbors, For those of you energized to help spread cohousing as a cause, I'd like to ask you for some simple assistance where a few moments of your time could make a very big difference in completing a 26 home cohousing community. Blue Ridge Cohousing is looking for a bank or other creative lending body for construction financing. We've checked with the cohousing-friendly banks listed on this listserv, but they loan money only in other parts of the country than Virginia. Can any of you recommend a bank or other institution that is either in Virginia or willing to lend in Virginia? Perhaps there might be some"Angel Investors" willing to invest in this project? It is a mature and sound project (low risk) and I'd be happy to give many details upon request.
In summary, we are an established and energetic group of prospective cohousers with a beautiful fully-rezoned property near Charlottesville Virginia. We have an approved site plan, approximately 70% presales ($10K commitments) and a very experienced builder that built Shadowlake Village Cohousing and Elderspirit. The cohousing neighbors have put over $500K cash into the project to buy the land. Unfortunately, our Plan A of having our builder obtain the construction financing is not working (we were ready for a loan just after the global financial meltdown). This should be a simple thing in normal times due to our 70% presales and strong development partner. But we're having problems finding a bank that will loan money on reasonable terms. Can you help out Blue Ridge Cohousing as well as the cohousing cause by providing some names and resources that I could follow up with? thanks, Peter
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