19 May
2023
19 May
'23
1:45 p.m.
We will still owe approximately $900K on the building in December, and the
building is worth significantly more. Normally a "down payment" is made in
order to improve the odds for the lender in case things go wrong - basically
increase the ratio of the value of the collateral (the building) versus the
amount borrowed.
Due to our unique business model, our unconventional property, and the present
borrowing climate, it seems that we can't find a lender without finding more
money first, to sweeten the deal.
The catch is that the collateral can only be promised to one lender, which
will have to be the big loan, which means that any other lender giving us a
smaller amount won't be able to secure the building as collateral and will
have to hope that Omni Commons succeeds in order to pay them back.
I am available to talk to anyone and answer questions anytime.
-jake
On Fri, 19 May 2023, Taylor Alexander wrote:
question:
$900k is the total amount still owed on the building yes?
Is there some smaller amount of upfront cash we could give to a bank to
secure the loan? Like if someone provided $200k with the expectation of
getting it paid back eventually, could we give that to the bank and ask for
the $900k loan?
If I can get some concrete-ish answers I have someone in mind who may be
able to help with this, but I want to get answers before I have that
conversation.
On Thu, May 18, 2023 at 8:32 PM Jake via sudo-discuss <
sudo-discuss(a)sudoroom.org> wrote:
It's nice to have the Omni Commons building
so that we can have sudoroom
in it
(and for other reasons)
unfortunately we have to find a new loan, since our present one expires in
December, and we will have to come up with almost $900,000 and the only
way to
do that is with another loan. We have the building as collateral, and it's
worth a lot, but for various reasons it's not as easy to get a loan as you
might think.
Does anyone want to work on this so we don't lose the building? Literally
we have no prospects right now.
-jake
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