Cohousing-L Mailing List: Bank Lenders to Cohousing TIC

[fernselzer (fernselzer]

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