December 2023 Update
The Big Idea:
It’s been a really good year!
Sales are starting
You’ll notice that the lot status sheet has two ‘stars’ on it, indicating that we’ve had two properties go under contract this month. Obviously we’re thrilled that the sales have begun!
Meet Stephane, CHR’s new administrative assistant
We have a new team member! A few weeks ago, Cultivate hired Stephanie Saurer to help with the administrative load of building all these houses. In addition to being far-and-away the most qualified applicant, Stephane (and her husband Brad and their two elementary school aged kids) live within walking distance of the model home!
Interest Reserve Account
The interest reserve is currently decreasing at a faster pace than originally projected due to a slightly slower pace in the projected home starts. With that said, it is still showing that the reserve should carry the project up to the March 2024 payment. We will closely monitor the reserve as we get closer to this date to weigh the benefits of homes sales and their impact of operational cash flow.
The status of our loans
Check out our website
This is a great place to see our 7 beautiful home designs, learn a little bit about Ferndale Washington, and meet our partners!
And don’t forget to follow us on social media!
