Home equity loans for Co-op

Hello, We’re looking for a lender that will provide either a home equity loan or credit line on our co-op apartment. We’ve contacted a handful of banks so far and have been told they won’t do home equity lending for co-op’s in NYC. If any co-op residents have been able to obtain home equity financing, would really appreciate knowing which institution you borrowed from. Thanks. Steve

jumpingin

in Financial Services 10 years and 5 months ago

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mortgagepro | 10 years and 4 months ago

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Second Mortgages (both Loan and Lines of Credit) are available on some Coops, but there are property limitations and your first mortgage holder will need to agree. Just like the first mortgage it is collateralized by your shares. Units in Condo, Co-op and PUD projects must meet eligibility requirements and lenders will have an Approved List for projects that have been proven to meet their criteria. If the Project is not on the list, the details of the project will be sent to sent to the Condo/Co-Op Project Department for review and approval of all project documents in accordance with the lenders standard requirements. Each scenario is unique. Feel free to contact me to discuss. Adam Roberts South Shore Mortgage NMLS #1310 P: 631-956-0111 x218 adamr@southshoremortgage.com

resident2 | 10 years and 5 months ago

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There is no such animal as a home equity line for a co-op. A co-op loan is a personal loan, not a mortgage. If you want to pull out equity, you will need to refinance the whole loan. Which is not as expensive to do as refinancing a mortgage, no mortgage tax, no large title charges.