How did Green Pastures start?
Pete Cunningham and Vicki Woodley put their hands in their own pocket in 1999 to buy the first Green Pastures property. Up to that point we housed some homeless individuals in our church building in Southport. As the team grew, so did our collective passion to help the poor. Please go to about us to read more.
How many properties and how many tenants?
330 housing units house over 400 people (December 2011).
What is the structure of Green Pastures?
Green Pastures has two branches: (1) a registered charity called Green Pastures Housing and (2) Green Pastures Community Benefit Society which is an Industrial and Provident Society. Each tenant is looked after by our partners.
Will the houses be continually used for the homeless and needy?
Yes. This is our mission statement and the only reason why we have purchased property.
How does Green Pastures finance its purchases?
Green Pastures finances property purchases from loan stock (issued by Green Pastures Community Benefit Society), bank lending, mortgages and long term capital growth (increases in the value of the property).
How does Green Pastures sustain its property projects?
Local Housing Allowance (LHA) produces rental income. Before we purchase a property we ensure that the LHA income will cover costs on mortgage repayments, interest on loan stock and running costs. Running costs are kept low by efficiency, the resourcefulness of our partners and a culture of service.
How does Green Pastures purchase property?
Partners recommend property on the open market to Green Pastures for purchase. Green Pastures makes offers on appropriate recommendations.
Who is responsible for maintenance of the properties?
Partners are responsible for minor repairs and Green Pastures is responsible for major repairs.
How often is the portfolio valued and by whom?
There are regular surveys and valuations by RICS Surveyors (when properties have been mortgaged) and local estate agents.
What criteria are relevant to the decision to purchase a property?
Percentage returns, the partner’s situation, the partner’s guidance and market research to ascertain like-for-like prices in the area.
Who makes the final decision on whether or not to purchase a property?
The directors.
Are the mortgages on an individual property basis?
Yes.
What is a Community Benefit Society? A Community Benefit Society is an incorporated Industrial and Provident Society that conducts business for the benefit of their community. Profits are not distributed among members or external shareholders but are reinvested for the benefit of the wider community. Is Green Pastures Community Benefit Society registered with the FSA?Yes. What interest rate do you pay on unsecured loan stock?
Subscribers can choose between different rates of 1 & 5%. You can read more in our Loan Stock Application Form.
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