Lending

published by michael on Sun, 04/03/2011 - 14:55

VINE VENTURES

At the Vine Ventures meeting this week, the full board reviewed your funding request.  While everyone supports what you are doing, there was mixed feeling as to whether the request was appropriate for VVI.  The final decision was to approve a partial request in the amount of a loan for $15,000, with no grant.  The loan would be at the proposed rate, but for a shorter term to keep the payments at the level proposed.  The loan would be conditional to your ability to raise the remaining funds you need to complete the project.  The offer is good until 7/1/2011.
 
I realize this is far less than you had requested, but I hope it can at least be of some assistance in helping you to realize the success of your project.  Please contact me at your convenience to discuss this in more specifics.
 
Ron
 
Ron Bigelow, President
Vine Ventures, Inc.
(H) 269-668-4157
(M) 269-806-9369

 

 

MSU STUDENT HOUSING COOP

 

 

 

 

 

 

BEN AYER

 

 

QYUMBYA

In the mean time we have a little extra (~$10K).  I imagine that the Qumbya board would be fine with lending that out to another NP co-op. I'll float it at the next meeting.

 

TRY THIS:

  • Nehemiah Community Reinvestment Fund
  • Michigan Interfaith Trust Fund
  • 1st Community
  • Bank of Ann Arbor
  • NCDF
  • Jim Jones Consulting

 

Insitute for Community Economics http://www.nhtinc.org/ice.php

http://ncdf.coop/

James Capital http://jamescap.com/

http://walnutstreetco-op.org/revloan.html

http://www.norbel.org/index.html

Shore Bank - community developent bank (detroit)

Bank of Ann Arbor

http://www.iceclt.org

National Cooperative Bank http://www.ncb.coop/

Kiva http://www.kiva.org/

Kagawa Loan Fund (Brian at ICC Austin)

Become a CHDO with the city

MSHDA Home Improvement Program, 8% interest rate

 

NORTHCOUNTRY COOPERATIVE DEVELOPMENT FUND

Email in December 2009

Michael,
It’s nice to hear from you.  Are you representing Kalamazoo Collective Housing or are you doing this project for another group?  Currently, KCH leases two homes from NASCO Properties, right?
 
Our rates are anywhere from 7.00% on the low end to 8.00% on the high end.  It all depends on the amount of money contributed by the group/members at the time of purchase, the condition of the house, as well as the prospective members’ level of experience with cooperative living.  The lower amount contributed, the higher loan-to-value, which translates to more risk for the lender and a higher rate.  Have you and/or this group been able to raise any money of its own?
 
It would be difficult to provide a pre-approval letter without seeing the property, first and having an idea of what the projected rental stream and expenses would be on such a property and the amount of deferred maintenance that would need to be accounted for.
 
Let’s have a telephone conversation about this potential opportunity right after the holidays.  I’m available most days and times.  My cell number is 612-810-1380.  Thanks.
 
Jim Shadko
Director of Lending

 

 

 

Phone conversation on 1/11/10

Interest rates vary

Typically require escrow account for taxes

Better rates based on term length

Promissory note for 5 years

Loan fee would be 2%

Loan Committee meets monthly

Potentially put together some kind of form letter of financing