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October 4, 2007
Finding a Lender to Refinance Coop Building
My Coop is in the market to refinance the buildings mortage (not me and my unit, but the building). I understand this to be a tough/small nich market. Can anyone suggest a lender who would refinance a $300K mortgage secured by a small, 9 unit building in prime Park Slope?
Also,any guide to how much of an interest rate premium to expect v. a normal residential refi?
Comments
Countrywide Mortgage has pretty decent rates.
Posted by: guest at October 4, 2007 3:08 PM
You know for a fact that Countrywide would refi a small multiple dweling coop?
Posted by: BrooklynCouch at October 4, 2007 9:37 PM
I refinanced our co-op building's underlying mortgage two years ago with NCB - National Cooperative Bank. As the name implies, they do co-ops. They were really great service-wise, and part of their schtick is that you have to invest in some of their shares as a savings account, but that pays pretty good dividends.
Posted by: chuck at October 4, 2007 10:29 PM
Agree with the recommendation for National Cooperative Bank in all respects.
Posted by: guest at October 5, 2007 10:55 AM
I would also talk to Sovereign (nee Independence) - it was a local bank. They hold our mortgage (we are Mmuch bogger tho). Also heard that Wachovia is intersted in making a local mark.
Posted by: guest at October 5, 2007 12:04 PM
Hi, Brooklyn Couch... would you be willing to let us know who your managing agent is and whether you are happy with their work? We are a Bay Ridge co op researching managing agents.
Thanks
Posted by: Cooperator at October 5, 2007 5:25 PM
Cooperator, while I only have good things to say, contact me at my name + aol.com, and I will explain why I can't really comment substantively yet.
Posted by: BrooklynCouch at October 11, 2007 5:39 PM
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