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We are in the process of refinancing our Coop apartment, which is in a 4 unit building. The bank, who we are dealing with directly, wants both an audited financial statement and an operating budget for the building. We have always done un-audited statements, and we do not do a operating budget. The same was true for another 4-unit coop we lived in.

We did not have to meet these requirements to buy our apartment with the same bank. The mortgage officer says that of course, “things have changed.” Have they really, or is the bank just applying national standards for large coop buildings unnecessarily to a small building? How should we proceed?