Mortgages for Small Co-Ops?
Wondering if anyone has had any success recently finding lenders for small co-ops (i.e., 4 units or less)? I know this topic has come up a few times in these forums in the past year or so, but I’m curious if anything has changed or restrictions have loosened at all. We had an awful experience…
Wondering if anyone has had any success recently finding lenders for small co-ops (i.e., 4 units or less)? I know this topic has come up a few times in these forums in the past year or so, but I’m curious if anything has changed or restrictions have loosened at all. We had an awful experience attempting (and failing) to refinance last year, but the even lower rates lately are making me wonder if we should give it another try… However, this time I’d like to know up front if the small co-op issue will be a dealbreaker.
Many thanks!
What is the name of the coop?
What is the name of the coop?
OP are you writing about an underlying Co-op mortage (on the building) or a mortgage on a Co-op apt. (yes, shares in a Corp.)?
We also bought in a four unit co-op in late 2009. Norman Calvo at Universal Mortgage gave us 3 different options that had pretty competitive rates. We ended up going with Citibank, as it had the lowest rate at the time.
I bought a coop in a 4 unit building in June of 2009 in Park Slope. It took many many phone calls to banks to find one that would lend in a <5 unit building.
Countrywide did the loan. 30yr fixed 4.875%.
They have since been bought out by Bank of America so try them first.
Good luck.
Do you have any experience with National Cooperative Bank? I live in a three unit in the midst of a coop conversion and NCB is the only bank that seems to be writing underlying mortgage loans for coops. Sadly, as you’d expect in a no-competition market, they are very expensive.