13 Dec
2023
13 Dec
'23
3:33 p.m.
The idea to form an LLC which could represent a coalition of individual
sub-lenders to bail out Omni Commons has been suggested by several people.
This would make it possible for people to lend an amount less than the total
$876K that we need (but not less than $10,000 lets say) to be a co-lender to
provide a new mortgage for Omni Commons to keep the building.
The LLC would be formed to represent the lenders in a way that they would be
paid back (with interest) according to the portion of the loan they put in,
and in case the Omni failed to pay its mortgage, the LLC would liquidate the
building to pay back the lenders. Or the members of the LLC could agree on an
alternate plan, and buy out anyone who didn't agree to the alternate plan.
If anyone is interested in helping CREATE this legal structure please let me
know.
In the meantime though I still think our best bet to keep the Omni is to find
a single lender willing to give us a bridge loan right now.
-jake