Cohousing-L Mailing List: Re: Money again

[John Willson (john]

> I don't think most commercial banks would touch us. So I'm thinking of
> some type of foundation that might support a CoHousing venture. I'm
> also thinking of trying the National Coop bank.
>
> Does anyone have any experience with these groups? Anyone know of a
> foundation I might approach?
>
> How did you other CoHousing groups bridge the gap between finding a site
> and then getting the groups financial ducks all in a row? Did you get
> a stright construction loan then a mortgage? Did you have strong
> finanical backing from a group member/foundation/developer?
>
> Some information please!

We looked at Government Coop money, members money and banks.
Government funds were unavailable because we have members who earn
money and the Government bodies were disorganised.

We bought the land using members money and a bank loan of 50,000.  We
have also borrowed money since for construction.  Prior to purchase we
checked all of the local banks, and found one bank manager who seemed
happy with the idea.  All of our loans have been taken out from that
bank, with the land acting as collateral.  Our advantage is that we
had as cash most of the land money and much of the initial money
spent on building.

--
John Willson
Cascade CoHousing                     EMail:  John.Willson [at] delm.tas.gov.au
Hobart, Australia                     Phone:  +61 02 33 3309