Cohousing-L Mailing List: Development Financial Structure

[Chris ScottHanson (chris]

From: Chris ScottHanson <chris [at] cohousingresources.com>
Date: Wed, 27 Nov 2002 14:13:44 -0800
To: Kay Argyle <argyle [at] mines.utah.edu>
Subject: Development Financial Structure

on 11/27/02 11:22 AM, Kay Argyle at argyle [at] mines.utah.edu wrote:

> During planning & construction, memberships in Wasatch Cohousing cost $300
> per adult, and then $400/month per household (or maybe I've switched the two
> amounts). The monthly assessment was credited against the mortgage down
> payment, and the difference repaid if it totaled more (which for long-time
> members it did).  Options or customizations were paid for in cash at
> closing.  If someone left the group, they got their assessment money back
> after the construction loan was paid off, when all the units were closed on.
> 
> The bank required the group to come up with a percentage of the construction
> loan, I think 10%. Six members (the "deep pockets") made low-interest
> personal loans of $60K each.

Kay,

Who signed on your construction loan?  All members?

Were you really able to find 90% construction financing?

Who provided the construction lending?  Was it a bank or other institution,
or maybe private lending?

Chris ScottHanson

Cohousing Resources, LLC
Ecovillages, Cohousing & Sustainable Communities
Development and Consulting for a Sustainable Future
   based on the Natural Power of Community

email:          Chris [at] CohousingResources.com
web site:      http://www.CohousingResources.com

9813 NE Murden Cove Dr.
Bainbridge Island, WA  98110

(206)842-9160
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Author of: 

 The Cohousing Handbook
BUILDING A PLACE FOR COMMUNITY

©1996 Hartley & Marks Publishers, Vancouver BC
Check our website for ordering information at
http://www.cohousingresources.com/book.html

"A must read for anyone ready to move beyond talk."

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