Co-Op loan/mortgage

I live in a 3-unit co-op building and we are looking to refinance the mortgage on the building in order to get some work done on the building (replacing ironwork on stoop and re-doing the brownstone on the facade. Just wondering if anyne had refinanced their co-op and whether they had any leads for banks that might provide such a loan. Thanks in advance.

frenchinbk

in Brownstoner Renovation 12 years and 10 months ago

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brokelin | 12 years and 10 months ago

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First, check with your current bank…you may save on some fees if you do it with them.  second, when attempting to do this with my previous four unit coop some years back, we found that the local NY saving and loan banks…they may not all include the word savings in their name, but google up a list…were the ones willing to do the underlying loans on small coops…so call a bunch of them, also check with M and T.  the fees are a big percentage if your loan is not really large, and will eat up a large chunk of your loan proceeeds.  You may decide on maintenance increase and/or assessments as a more cost effective method, if shareholdeers are able. if not able, you may want to take a bigger loan than you need, to pay for the next fifteen years or so of currently unforseen improvements…you will then have a nice reserve, and you will not have to pay those large refi fees again in five years if you need more money then.  Interest rates will not be lower, most likely, so take a bunch now.  good luck.