Need bank to finance mortgage for co-op? (corp not apt)

gspencer · December 2008

Hi,

Can anyone recommend a bank for financing the mortgage of a small (four unit) co-op? Our current lender was acquired by a larger bank a few years ago and we aren’t thrilled with the level of service we get from them now.

Thanks

prezst · December 2008

my 8-unit co-op building refinanced with astoria federal a couple of years ago.. it's worked-out so far.

brooklynjack · December 2008

Did you try National Cooperative Bank? http://www.ncb.coop/

Check the lists of banks at cooperator.com and habitatmag.com

It will be hard in that small a building. You should also consider haveing all 4 shareholders refinance and payoff the underlying mortgage

gspencer · December 2008

Thanks for your thoughts. I will look into those options.

brooklynjack · December 2008

To me there is a big advantage to having everyone refinance their own unit and paying off the underlying mortgage. The interest rates should be lower, it will be easier to get it fully amortized and from the coops point of view if a shareholder defaults on their maintenance then the coop is not in danger of defaulting on the underlying mortgage. At the same time share values will go up because the building is paid for

booeys2 · December 2008

We are in a 10 unit self-managed co-op and we refinanced in Nov 2007 with Sovereign Bank. They've been fine so far.

Need bank to finance mortgage for co-op? (corp not apt)

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