Condo Board Seeking Loan for Capital Improvements

Our condo board (35 unit building) is considering obtaining a 3-4 year loan in order to do some capital improvements.  The purpose of the loan would be so that we do not have to impose potentially onerous assessment on the owners (i.e. would could spread an assessment out over a longer period of time and/or reduce the assessment amount). Any recommendations of financial institutions that are good to work with would be greatly appreciated. Thx!

calle3441

in Mortgage 13 years and 1 month ago

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calle3441 | 13 years and 1 month ago

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Thank u

heightsguy | 13 years and 1 month ago

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Meridian Capital recently got me a loan from NYCB at an interest rate of 4 1/2% fixed for seven years. My building is a commercial building. If my building was 100% residential they would have gotten me a lower rate. I dealt with Sean Mooney, his phone number is 212-612-0104\. They charge a 1% fee, but I did not pay the bank points, so I thought it was worth it.