Cohousing-L Mailing List: Re: Incentives for early joiners

[RowenaHC (RowenaHC]

In a message dated 4/21/00 9:43:20 PM Eastern Daylight Time, 
welcome [at] olympus.net writes:

<< 
 You can also make a decision as a group to accept an interest-bearing 
 loan from a member, with a written contract. We did that a time or two, 
 and it worked ok.  >>

Cambridge Coho did the same thing.  We borrowed about $500,000 from a group 
of members and paid an interest rate a little under what we would have had to 
pay a commercial lender.  It enabled us to get the funds quickly to buy the 
property at a time when a lender would not have been interested.  It was a 
straight loan without collateral although once the property had been 
purchased it was not really at risk.

Rowenahc