Hi
I have a similar development cooperative project on the go here on Queensland Sunshine Coast.  A DA in place and eight residential 2 and 3 bdrm apartments aimed at those wishing to downsize without loss of amenity and space.  Detailed figures are available and contributors join the trust by depositing $100,000.00 each which equates to 30% of the overall construction cost.  I have a bank prepared to finance the trust on this basis provided each individual guarantees to settle on completion.

This concept was developed to overcome a general reluctance in the market to commit to pre-sales and is very much a win win for everyone involved (well after I realised that I would have to sacrifice margin to get this financed that is).

I have been contacting potential participants over last week and have three apartments left to finalise arrangements and put everything in place to start in Feb 09.

Figures demonstrate a potential capital gain in excess of $100,000.00 dependant on the apartment chosen and state of the market at the time (Nov 09).  My opinion is that we will see price increases in that later half of 2009 driven largely be the pent up supply/demand situation here.

This is a very genuine and transparent offer that i would be pleased to send detail should anyone be ineterested enough to consider.

Incidentally I have a very experienced Project Manager, outstanding location and all the essentials for future success for this development.

Consider the situation whereby the initial contribution is made on a line of credit or loan with interest only and capitalised.  This results in very minimal outlay  over the entire construction period.  Ability to settle at the end on the balance is required though (some may desire units to be sold when a display is available).