<body><script type="text/javascript"> function setAttributeOnload(object, attribute, val) { if(window.addEventListener) { window.addEventListener('load', function(){ object[attribute] = val; }, false); } else { window.attachEvent('onload', function(){ object[attribute] = val; }); } } </script> <div id="navbar-iframe-container"></div> <script type="text/javascript" src="https://apis.google.com/js/plusone.js"></script> <script type="text/javascript"> gapi.load("gapi.iframes:gapi.iframes.style.bubble", function() { if (gapi.iframes && gapi.iframes.getContext) { gapi.iframes.getContext().openChild({ url: 'https://www.blogger.com/navbar.g?targetBlogID\x3d7630126\x26blogName\x3dHumanize+the+Earth!\x26publishMode\x3dPUBLISH_MODE_BLOGSPOT\x26navbarType\x3dBLACK\x26layoutType\x3dCLASSIC\x26searchRoot\x3dhttps://tedernst.blogspot.com/search\x26blogLocale\x3den_US\x26v\x3d2\x26homepageUrl\x3dhttp://tedernst.blogspot.com/\x26vt\x3d-9120320040851150284', where: document.getElementById("navbar-iframe-container"), id: "navbar-iframe" }); } }); </script>
Hub Housing Cooperative financing update
Yesterday was a big day in our ongoing housing cooperative story. Around 4:30pm, I hand delivered the loan application for the Hub Housing Cooperative, Inc. to the Chicago Community Loan Fund. I didn't tell the other members that the woman working the desk said, "Is this the whole thing?" when I handed her the envelope. Oh well, it's in. We'll see what they say.

At 5:30, three of use from the group met with Keith Johnson, a comercial real estate mortgage broker. We walked in thinking we were looking for a backup plan if the CCLF deal doesn't work out. Keith advised us that if they can give us a 15 year fixed rate on a 30 year schedule, we should probably take it. While he didn't seem to think it would be at all a problem to find financing for this as a regular comercial deal (8 partners didn't faze him, co-op is irrelevant to him), he thought 10 years was the longest we'd be able to fix a rate, maybe even less. By the time he finished with us, going the conventional comercial route seemed to make a lot of sense. And we don't have to decide now. He's going to get started and we can decide later.

Good stuff!