Coop Refinancing Question
Has anyone recently had success with refinancing the underlying mortgage of their coop? Our current mortgage is a commercial loan (since it’s a coop and the loan is to the coop, not to any one individual), and it’s almost at maturity. Our plan was to refinance in order to have some additional funds for capital…
Has anyone recently had success with refinancing the underlying mortgage of their coop? Our current mortgage is a commercial loan (since it’s a coop and the loan is to the coop, not to any one individual), and it’s almost at maturity. Our plan was to refinance in order to have some additional funds for capital improvements needed, but we have been unable to find a bank that would refinance our loan. I’ve tried Chase, HSBC, Marathon, Astoria Federal, and a few others, with no luck. If anyone has any tips or recent successes with this, your guidance would be greatly appreciated! -Dan
All,
Thank you so much for the recommendations – I’ll give them a try.
@Brownstoner login: that was probably me – for some reason when I used to post, it would email me and it was obvious my post went through but now it seems after you click submit you have no indication if you were successful (at least for me). It might be my browser or something. Apologies for the double post..
Dan
I can do an underlying loan.
Vanessa Thatcher
ATLANTIC HOME CAPITAL
Tel: 631-687-3510 x106
EFax: 631-918-5222
I just recommended my mortgage broker to a friend who is refi-ing a coop and they are handling it for him. They are Universal Mortgage and here is their website:
http://universalmortgageinc.com/about.htm
This question came up in the forums a week or two ago–not sure if that was you and you’re re-posting for new answers? If not, I’ll mention again that our small co-op has our building loan with Sovereign, who I believe does a lot of co-ops. We’ve had it for several years, so of course they might have different policies today…but FWIW. We deal with the branch on Montague. Good luck!