As of May 25, we have received $280,000 toward the Notes from 22 cottage owners. Another 2 cottage owners have indicated they will purchase $25,000 more, so our total is $305,000.
We will likely need to finance about $400,000 for Phase 2, so hopefully a few more Notes will be purchased in June.
Since we don’t have a final price on the project we are not yet in position to determine a ” one time” payment for the assessment fees. But, when calculated, this option should also help cover the financing.
In any event, it appears the amount of bank financing for Phase 2 will be minimal if any.
Thanks to all Cottage owners who have invested. The real point of the Promissory Notes is for us to be able to finance the project without a bank. So it has been wonderful to see these Cottage owners step forward.