Cohousing-L Mailing List: Re: Bank Lenders to Cohousing TIC

[John Beutler (jabeutler]

Natl Coop Bank is national in scope but they are new to cohousing financing. 
Our food coop had an expansion loan from NCB that we recently paid off. I would 
contact them again. As many have said, housing coop legal structures vary from 
state to state and may make finding financing difficult.

JAB
Liberty Village Cohousing 
Maryland

Sent from my tricorder

> On Jun 20, 2015, at 3:12 PM, Fern Selzer/US/CA/95003/NBC via Cohousing-L 
> <cohousing-l [at] cohousing.org> wrote:
> 
> 
> 
> Hi All,
> We are looking for a bank that will make fractional loans to our members.    
> We created our community expecting to get fractional loans but as we were 
> looking for our first loans, the bank bubble burst and all the fractional 
> loans for TICs disappeared.    Now they are back, but we have not been able 
> to find a bank willing to do this in Santa Cruz (CA) County.  We have a 
> perfect payment history, equity in our homes, a default fund, etc.  
> 
> 
> It is very complicated to sell any of our homes because the whole group needs 
> to submit their information all over again.   Also, our bookkeeping is very 
> complicated and we would all like to be more independent in this way.
> 
> 
> Anyway, that is the background. As I recall,  sometime in the last several 
> months, someone posted about National Cooperative Bank and that they are 
> eager to loan to cohousing groups. I couldn't find it in the archive.    
> Someone from our finance committee contacted them, we were referred to 
> someone in San Francisco, who was not open at all to considering us for a 
> loan because of our organization.   Did I get the name of the bank wrong?   
> Do they have limited geographic areas that they loan in?  Or maybe someone 
> knows a different contact person there who can help us.
> I would appreciate any information on this or any other bank.
> 
> 
> Thanks,
> 
> 
> Fern 
> New Brighton Cohousing
> Aptos, CA
> 
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