We are Tortoiseshell Housing Cooperative and we need your help!
Tortoiseshell intend to buy a smallholding and build six Passivhaus homes with shared facilities and gardens in the border region of South West England and South Wales. The project is a response to the ongoing housing crisis in the UK which is leaving people with no choice but to rent low quality homes on insecure contract terms.
Community-led and self-governed housing is a perfect solution to this, however the current market is such that it is almost impossible for people on low and middle incomes to get a self-build construction project off the ground. With the help of private investment (loanstock) we can reduce the mortgage required and provide affordable housing from the start. Please see the leaflet and pledge form more information!
We are aiming to raise £250,000 toward the cost of purchasing land by selling loanstock. Loanstock allows any individual or organisation to invest money in a co-op at a set rate of interest and for a set amount of time, between 3 and 20 years. Because we can negotiate the conditions of the loan, both parties benefit transparently and tangibly from investment. The loan and interest will be repaid through money raised from monthly rental payments on our new homes.
We can repay Loanstock in whichever way suits you best:
Annual Interest Payments: On each anniversary of the issue closing date, we will make interest payments to lenders at the agreed rate until the agreed period ends and the loan is repaid–either in full or in agreed installments.
Lump Sum Payment with Interest: On each anniversary of the issue closing date, interest of an agreed rate will accrue on the loan until the agreed period ends and the loan is repaid–either in full or in agreed installments.
Loanstock purchases can be made through an Independent Financial Adviser or direct from us. Certificates will be given to lenders as a receipt for an agreed sum on the closing date of the issue. Each Loanstock certificate is a legal document which guarantees the conditions of the loan, including the duration of the loan and the interest rate to be paid. As with all loans, lenders are liable to pay tax on interest. We may be required by HMRC to provide them with a list of all investors receiving more than £250 interest in any one year.
Money invested in Loanstock cannot be withdrawn prior to the end of the agreed period except by agreement of Tortoiseshell Housing Co-operative’s directors. However, if a lender wants their Loanstock to be repaid before the agreed period is over, we will try to accommodate this where it is financially feasible. While Loanstock is unsecured against its full value, it remains partially secured against the value of any property the co-op has bought or built. In the event of financial failure, all assets of the co-op will be used to settle outstanding debt in this way.
Why choose the 0% interest option?
If you go for 0% interest, you will receive back your original sum with no interest. Some people take this option as a way of providing extra support to a co-op.
Make a Donation
If you don’t want to apply for Loanstock, you can make a donation directly towards our project, here are our bank details below.
Tortoiseshell Housing Cooperative Ltd
Acc No. 20896077