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We’re looking for loans « Chapeltown Cohousing

We're looking for loans

UPDATE 14/9/13: Thanks to our wonderful gang of friends and associates, we were able to raise around £80,000 in loanstock pledges. We put in a bid for Browning House substantially higher than the original guide price of £350,000 – but were unsuccessful. Apparently it’s now destined to become student accommodation. So all our energies are now going into the original Plan A: the 6-acre Leopold Street site.

Help us to raise the capital we need to purchase Browning House, a large historic building set in 0.25 hectares (0.6 acres) in the heart of Chapeltown.  This is your chance to make an ethical investment to benefit one of the  most deprived areas of the UK. What’s more you can also get a decent rate of interest on your loan and choose when you want to be repaid.

Modern living is often very individual and isolated. Our vision is to create cooperative communities where people know their neighbours and collaborate with them. Children benefit from more secure play-space and shared activities. Older people benefit from companionship and mutual support. And everyone benefits from the creativity and challenge of living with others.

The house we want to buy would provide space for up to 9 family units (singles, couples and families with children) and include plenty of shared space both internally and externally. It will provide the perfect setting for us to enlarge our cooperative and also act as a base for our even larger cohousing ideas – see the rest of our website!

We aim to raise £400,000. Some will come from the sale of the cooperative’s current property. We also anticipate a mortgage from Ecology Building Society, our current mortgage provider.

The rest will come from investments from individuals like you, who want to make a difference with the money they have.

We need you to pledge your loan today, but we don’t need your money – yet! At this stage we simply need to prove that we can raise the capital. It will take  months to complete the purchase. We therefore only expect to take up your loan offer after three to six months.

It’s simple to help – the quickest way is to use the online form below to demonstrate your support. We will then contact you to make sure you have read the full prospectus and we will ask you to make a firm commitment by signing an agreement.

For full details please download our Loanstock Prospectus (1.1MB Word doc)

Yours sincerely,

Peter Richardson, Treasurer
Imba Yedu Housing Cooperative Limited
Registered under the Industrial and Provident Societies Acts, Register Number 29376 R

ChaCo Loanstock Form

* Required field

It might not look it right now, but with a bit of imagination and a lot of work, this could be a great place to call 'home'.

There's room for up to nine units and a bit of food-growing space, too.

Progress so far

The minimum we need in order to make things happen is £80,000. The maximum we can raise is £400,000. The more we can raise as loanstock, the less we will borrow as a mortgage.