11/12/2004
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!
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!