Coop building underlying mortgage - Advice

I got what you meant….but its only $200k for the entire coop…..how much per unit is that?

Pay it off and be done with it.

deancollins

in General Discussion 4 years and 10 months ago

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evanbutler

in General Discussion 4 years and 10 months ago

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Can anyone recommend a lender or give any advice about underlying mortgages for coops where the mortgage is less that 200k? It seems that lenders are not as interested in making these loans. Anyone in a similar small coop and how does your building handle this? We have a balloon loan that is coming due and need to refinance.

DeLepp | 4 years and 10 months ago

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We just re-financed with NCB for that amount. They are the original holder. More money but less hassle chasing for another lender.

brokelin | 4 years and 10 months ago

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I would think that there may well be commercial mortgage brokers who know what banks will lend to small coops that you could use to get the best loan, much as I had to use a mortgage broker to find me a good loan when I bought my place in a small coop – but I don’t know.

NCB stands for National Cooperative Bank, so they are definitely a good place to start, as they exist to lend to coops.

When we looked into refinancing our coop’s underlying mortgage to take out some more money for improvements, we also were just going to use the lender who held the existing mortgage, for less hassle in refinancing process, with only one bank involved.

Guest User | 4 years and 10 months ago

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We re-financed a NCB underlying mortgage with M&T a few years ago (also expanded it to pay for some improvements). Rates have come down so much we are considering re-financing. I think Investors Bank is also active in this market? Bank of America only does $3m or greater underlying loans for co-ops and person I spoke with at Wells was not aware of them doing this sort of lending.

NeoGrec | 4 years and 10 months ago

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Adam Dahill is a great Brooklyn-based mortgage broker who used to post on this site.

deancollins | 4 years and 10 months ago

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Why not pay it out?

brokelin | 4 years and 10 months ago

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um…google ballon mortgage. Your choice pay off the entire (large) principal balance, or refinance the loan. They aren’t self-amortizing like residential home loans have been … at least since the FDR era. Before that, same choice for your personal mortgage, which is why you risked losing your home if you couldn’t refinance.

brokelin | 4 years and 10 months ago

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“balloon” mortgage, I meant to write there …