borrowing cooperative

Maybe GQ maybe IMHO.

I’m interested in buying some land a few hundred miles away. I’ve been in contact with a local (to the property) borrowing cooperative for a loan. I’d never heard of such a thing.

WHat is it? Is it a respectable way to borrow money (~50-80K). and what might be the risks?

Thanks

probably very similar to microfinance… people put money into the co-op and then make loans. the profit is then split. that’d be my guess. like a credit union.

but… why do you care if it’s respectable? and the risks to a borrower if the bank goes under aren’t really risks.

one final note: i strongly suggest getting your own real estate attorney. plots of lands can have all funny sorts of easements and covenants that may not be disclosed to you.