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Financing Update

by Chad Ludeman on November 27, 2007 · 4 comments

in Development,financing

We are in the process of applying for financing with three new banks right now. It looks like we should have an answer from them in about two weeks which will be just in time for our due diligence deadline on the land. I am also meeting with another local development team, who also happens to be my current landlord, to discuss the project’s financials. Having successfully completed a few low-cost rehabs of warehouses in the area, they are in a good position to offer advise on our project.

If you enjoyed reading this post I can promise you'll love our new writing over at Postgreen Homes. Yeah, we know that's the same thing your favorite band said and their new album is nowhere near as good as their early stuff, but seriously, we are actually still getting better.

There also isn't much conversation to be had here . . . at least not with us. So come on over to the Postgreen Homes Blog and tell us what you think of our new(ish) digs and crazy ideas. We will be sure to tell you what we think of your opinion.

{ 4 comments… read them below or add one }

1 Andrew November 28, 2007 at 7:01 pm

Have you looked into the Home Depot Foundation?

2 Preston November 29, 2007 at 1:40 am

Andrew’s comment made me remember, you might also try Enterprise Green Communities. I can’t recall whether they require several units before they finance, but I think they help.

I also thought zerofootprint used to provide help with the additional cost of some green tech, but I can’t see that on their website anymore.

3 chad November 29, 2007 at 12:43 pm

The Home Depot Foundation is a good idea Andrew and I have looked into before. Unfortunately they only work with non-profits. Below is from their website:

“The Home Depot Foundation will only fund non-profit organizations that are designated as tax-exempt under Rule 501(c)(3) by the Internal Revenue Service in the United States or that have a notification of registration and confirmation of registration from the Canadian Customs and Revenue Agency Charities Division in Canada.”

4 chad November 29, 2007 at 1:09 pm

The Enterprise organization looks like they have quite a range of products that may be helpful to us. I’ll have to look into further. It seems that they have products for both low-income housing as well as market-rate.

While we are targeting a lower end of the Philadelphia market with these homes they are still technically market-rate and not low-income as they are not subsidized in any way. Our hope is that the project will influence non-profits and low-income projects and possibly lead to us being involved in low-income projects in the future. I don’t know what those projects might be at this time but will begin researching more once this project is successfully off the ground…

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