Cohousing-L Mailing List: Re: Mortgage lenders and cohousing

[Fred H Olson (fholson]

Liz Walker <liz [at] ecovillage.ithaca.ny.us>
is the author of the message below.  It was posted by
Fred, the Cohousing-L list manager <fholson [at] cohousing.org>
after deleting quoted digest.
--------------------  FORWARDED MESSAGE FOLLOWS --------------------

Very interesting. We had two banks (both of which had worked with us
in the past) turn down our third cohousing neighborhood, TREE, for a
construction loan. We've had excellent luck with one of our local
credit unions, CFCU, which was very happy to loan us $3M for
construction, and will probably carry all the mortgages as well.
We've never had any defaults in our history of 16 years of mortgage
lending, with two neighborhoods and a total of 60 homes. So it seemed
very strange to me that with a proven track record, and homes that
just keep increasing in value, that the other banks were not
interested. This thread helps to explain that.

Liz Walker, EcoVillage at Ithaca


At 02:03 PM 8/27/2012, Monty Berman wrote:
>8/27
>Try Tompkins Trust Co. in Ithaca, NY, 607-273-0131 or 3370. They did
>substantial mortgage lending, inluding mine, for EcoVillage at Ithaca.
>Also, try Liz Walker who co-ordinates the third EcoVillage at Ithaca
>neighborhood NOW BEING BUILT.
><mailto:liz [at] ecovillage.ithaca.ny.us>liz [at] ecovillage.ithaca.ny.us
>Monty Berman  founding member, EcoVillage at Ithaca.
>
>Be ye lamps unto yourselves, be your own confidence.
>
>Hold to the truth within yourselves as to the only lamp.