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Don't miss all the fun times Green Festival has to offer! We will be at the Chicago Navy Pier Oct 24,25,&26th! At San Francisco Ft. Mason Nov 14,15,&16th!
@kerryquade & our #TasteRedHook team are working their magic at @pioneerworks this morning. Tickets are sold out online but be there at 6PM sharp for a chance to purchase- LIMITED NUMBER AVAILABLE! #redhook #brooklyn #nyc
Check out these purple podded peas. ______________________________ Thanks for sharing this photo @thesagegarden ______________________________ Grow something and share with us what you are growing using #growsomethinggreen
Curious? Look no further! RHI has a long list of programs for #RedHook #youth. #Robotics is just one of 7 opportunities- To employ, educate and empower young people of Red Hook Houses. Learn more: www.rhicenter.org #Brooklyn #NonProfit #NY #home
Friends and supporters. Nicole gets ESL tutoring from one of our Allies. These are the moments that we are grateful for. Thank you for envisioning a world filled with #RedHook superstars- & for helping us to get there. #Brooklyn #NonProfit #Youth #NYC
Place in the sun... Explore solar power and more in the newest issue of our magazine. nature.org/magazine

Financing Cut

When we went into contract for the property that is currently being built as a green show house it was during the “normal” financial times of March 2006.

No storms were on the horizon and everyone was still giddy from the constant rise of funding and property prices.

Our plan was to do what we had always done when buying property: buy it with 10% down. We had great credit and a great track record of always paying our mortgages on time. We were in the real estate business.

Once in contract, though, the clouds started to gather, and we could not find any bank willing to lend for 10% down. The months went by and we scraped more money together. But no takers at 15% either. Nor 20%. Or 25%. Finally we found one bank willing to lend with 30% down and we closed on the property March 2007, one year later.

But it was not all dire. Everyone agreed, including the bank and mortgage broker, that once we closed we could refinance the house and pull some of that money out for renovations. After all, we all said, 30% was crazy.

But then the mortgage agent got laid off and the bank went into a tailspin. The storm had hit. There was no way they would give a home equity line of credit.

Luckily we had a home equity line of credit from another property. So we transferred that money to ou bank account and started renovations. Each week on Friday I would go to the bank and take money out to pay the workers.

But one week I went to the bank and there was no more money in the account. The bank had pulled the money from our account. No notice. No reasons. Basically they withdrew the loan.

Now we are funding the renovation from our businesses. Needless to say the budget is really, really tight.

The good news is that we are learning how to build green at well below what it would cost to build a “normal” structure. This is good for the long term.

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