|Re: Coop financing more attractive now?||<– Date –> <– Thread –>|
|From: Kay Wilson Fisk (caseyjacketsgmail.com)|
|Date: Sun, 18 Sep 2011 15:52:08 -0700 (PDT)|
When we developed our cohousing community, we were considering making it a coop. However our banker advised us that in order to convince his Board to approve our construction loan, we should make it a condominium because the bank had made lots of condo loans but had no experience with coops and therefore would be highly unlikely to finance one. Even though we took his advice, the bank was still uncomfortable about us because they had no experience with cohousing. He also advised that we not use the term "cohousing" in our legal papers for the same reason. It was only that our local banker knew us personally that he was able to convince the bank to approve our loan. So it would be wise to talk to your bank before you decide which route to take. Kay Wilson Meadow Wood (Cohousing) www.mwcondo.com -----Original Message----- From: Fred H Olson [mailto:fholson [at] cohousing.org] Sent: Sunday, September 18, 2011 4:31 AM To: Cohousing-L mailing list Subject: [C-L]_ Coop financing more attractive now? This article argues that coop organization / financing has gained advantages. The article is not specifically about cohousing but may be relevant. An excerpt: In Portland, Oregon, an architect and a developer devise a lower-risk strategy to give aging baby boomers more control in developing and operating cooperative housing. Difficult market and financial conditions demand that developers think creatively to limit development risk. At the same time, many in the burgeoning population of aging baby boomers seek alternatives to traditional models of housing for seniors, assisted living, and continuing care retirement communities (CCRCs). The independent cooperative housing model offers buyers more control than do those traditional models and more services than do condominiums, while at the same time sharply reducing risks for developers. >From the article: Independent Housing Cooperatives by Will Macht August 23, 2011 in Urban Land, the magazine for members of the Urban Land Institute: http://urbanland.uli.org/Articles/2011/July/MachtCoOps -- Fred H. Olson Minneapolis,MN 55411 USA (near north Mpls) Email: fholson at cohousing.org 612-588-9532 My Link Pg: http://fholson.cohousing.org My org: Communications for Justice -- Free, superior listserv's w/o ads _________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/
Coop financing more attractive now? Fred H Olson, September 18 2011
- Re: Coop financing more attractive now? Kay Wilson Fisk, September 18 2011
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