| BANK | Date of
contact |
Contact
person |
Phone # | Response |
| CCFCU (Co-op
Ê credit union) |
2/9/99 | Atlean Evans | Ê | Don't do first mortgages.Ê Or business loans.Ê Try Valley Financial. |
| Valley Financial | 2/9/99 | Debbie | (800) 400-4540 | Not familiar with our situation (at that time Redwood planned to be an LLC) |
| Mechanics Bank | spring99 | Rauly Butler | (510) 647-0727 | Yes, willing to treat LLC as commercial borrower.Ê Good rates.Ê Unfortunately, they require 25% down with no second liens allowed on the property. |
| spring01 | Rauly Butler | (510) 262-7947 | Checking into whether they'd loan to
Mutual Benefit Nonprofit Corporation. |
|
| Bank of America | spring99 | Ê | Ê | After 5 people (each referring me to the next one) I gave up. |
| 6/26/00 | housing loan dept | (800) 687-6262 | Used to do nonprofits a couple years ago. | |
| NCB (National
Co-op Bank) and NCB Devt. Corp. |
spring99 | Eliza Webb | (202) 336-7694 | Yes, this is what they do!!Ê Although they're most comfortable with coop corporations and 501(c)3's.Ê Here are lots of loan guidelines... www.ncb.com andÊ www.ncbdc.org |
| 5/8/00 | Eliza Webb | Ê | Not sure if they're still doing small group houses, reorganizing their loan programs... | |
| 5/22/00 | Eliza Webb | Ê | Might consider short-term acquisition loan, amort over 20 yrs. with payments on interest only (no principle) due in 2 years with prepayment penalty of 2%. | |
| Tamalpais Bank | 3/23/00 | Nancy Grouton | (415) 454-1212 | Need to have personal guarantor (i.e. individual names) on loan. |
| Luther Burbank Savings | 4/4/00 | Kathleen | (707) 578-4596 | Nope. No program for that.Ê [At this point Redwood is planning to be a nonprofit, either public benefit or mutual benefit.] |
| Cal State 9 Credit Union | 4/4/00 | Jan Esten | (510) 849-2270 | No response to messages. |
| Bay View Bank | 4/4/00 | Ê | (800) 229-8439 | Not lending any money on single family dwellings right now |
| Washington Mutual | 4/4/00 | Armand | (888) 926-8536 | We don't do co-ops |
| California Financial Group | 4/4/00 | David Morris | (925) 838-4926 | Very confused.Ê Thought we were trying to be a care home or lend out our property for meetings (of other organizations).Ê Forget it. |
| Bay Bank of Commerce | 4/4/00 | Earl Rep | (510) 357-2265 x7314 | Don't do residential or 1-4 unit loans. |
| Transpacific Bank | 4/5/00 | Nicholas Chung | (510) 769-1000 | Most they can do is LTV of 65%.Ê Seemed like a nice guy, though.Ê |
| Summit Bank | 4/20/00 | Steve Smith | (510) 839-8800 | Need personal guarantors.Ê They do commercial loans on commercial properties, and terms of 5-7 years (amort. over 20).Ê He was very helpful, though, and taught me what to say:Ê "We need a residential conforming 20-year real estate loan for a nonprofit housing corp." |
| Bank of the West | 5/8/00 | Kimberly | (510) 649-9191 | apparently do "nonprofit loans" but I never heard back & haven't followed up. |
| Wells Fargo | 2/27/01 | Anna Lew | (877) 310-1424 | Seemed interested in learning more about the corporate loan question but didn't know much about it. Might be worth a followup. |
| BROKER/COMPANY | Date ofÊ
Contact |
Phone # | Response |
| Êeloan.com | 2/99 | Ê | Cool site.Ê A good place to start because you learn the lingo, the parameters, and the current market.Ê Designed for loans to individuals, though. |
| Nick Steinmetz/
Vanguard Financial |
spring99 | (925) 279-1100 x14 | Worked with us on the individual guarantor option (early on).Ê Fast and creative. |
| Rich Fishman/
Fishman Financial |
spring99 | (510) 528-0767 x13 | Suggest we buy as TIC then do Grant Deed to corp.Ê But original names are still on the loan. |
| Al Bergren | 9/20/99 | (925) 932-3106 | thinks he could do a conventional 75% loan, 10/30 (term/amort).Ê His fee is 1%.Ê Suggests looking for a seller carry-back. |
| 5/8/00 | Ê | More pessimistic.Ê If nonprofit has no business record (e.g. profit/loss statements) then he can only find a 65-70% LTV with no secondary financing.Ê And high interest rates.Ê With a 2-year business record it's much more likely but still the bottom of the list for what's appealing, so depends greatly on current market. | |
| John Aseley/
BWC Mortgage |
4/20/00 | (925) 974-0305 | Never called back. |
| Mark Forbes | 5/6/00 | (510) 526-7933 x13 | ÊNo personal guarantors => unconventional loan, e.g. 11.5% interest |
| Sam Fishman/
Fishman Financial |
10/5/00 | (510) 528-2255 | Discussed partnership purchasing option.Ê Requires 20% down.Ê Roughly, $120,000 combined income would get you a $453,000 loan (on a $566,000 house).Ê (Assumes at most $100/month debt per person).Ê Was fairly hard to get him to talk numbers. |
| Beth Hoffman/AlternativeÊ
Mortgage Sources |
1/30/01 | (415) 861-5708 | Nice to talk to but no leads.Ê In fact, I gave her Rauly Butler's number.Ê She was very happy. |
| ORGANIZATION | Date ofÊ
Contact |
Contact
Person |
Phone # | Response |
| Community Bank of the Bay | Spring99 | Stacey Bergs-Garcia | (510) 433-5435 | Don't finance residential housing, only commercial properties (5+ units) used for affordable (i.e. low-income) housing.Ê 70% LTV, 3-year terms. |
| Cooperative Development Foundation (CDF) | 5/5/99 | Judy Ziewacz | (202) 638-6222 | Message not returned, but I think they only do large projects. |
| Department of Energy (DOE) | Ê | Ê | Ê | Solar Community Housing Association got grant money from DOE for making capital improvements for energy efficiency as a "demonstration project." |
| Students' Cooperative Association (SCA) | Ê | Ê | (541) 683-1112 | Small grants ($250 - $1000) for the creation and continuation of co-ops in the Northwest. |
| Low-Income Housing Fund | 4/20/00 | Nonia Ramis | (510) 893-3811 | Short-term financing for low-income housing (at least 50% earn below 60% of median income). |
| Northern California Community Load Fund | 6/8/00 | Harold Storsby | (415) 392-8215 | 5-year financing for low-income housing (some number earn below 80% of median income).Ê Max loan amount $450,000. |
| California Economic Development Lending Initiative (CEDLI) | 6/8/00 | Clinton Etheridge | (510) 267-8990 | Don't do affordable housing, only more unusual projects relating to community economic development.Ê Clients are small businesses, nonprofits, community organizations.Ê No startups (min 3 years).Ê Short term ARMs. |
| Northcounty Cooperative Development Fund | 11/2/00 | David Bael | (612) 331-9103 | Generally finance projects in the Midwest but he said we should contact him anyhow. |
| Savings Associations Mortgage Company, Inc. (SAMCO) | Ê | Ê | Ê | Provides permanent loans for multifamily affordable housing (at least 50% earn below 80% of median income) and community development real estate. |