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The group featured consists of eight people of varying ages and backgrounds who have bought a ten bedroom former children's home in east London, with planning permission for change of use. The group paid £620,000 for the property in Walthamstow, with the purchase financed by loans from Co-operative & Community Finance, the Co-operative Loan Fund as well as other sources. But the bulk of the money came in the form of a 75% mortgage from the Yorkshire-based Ecology building society.
The Drive housing co-op (thedrive.coop) will own the property as a registered not-for-profit body, but will provide accommodation on a rental basis to its members. Each member will have a single £1 share in The Drive, and will not gain or lose financially from changes in the value of the property.
