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Anyone know a good broker with expertise in getting a refinance done in a small co-op building? (less than 10 units)
Building refinance or share loan refinance?
For a building refinance, NCB is the main game in town and the only game if you're looking to go out longer than 7 years. I have the names of other banks that will lend to small buildings somewhere. I can dig them up if needed.
For share loans, you probably don't need a broker unless there's something unusual about the building. All of the big banks (Citi, Chase, BoA, Wells) have loaned within my < 10 unit building within the past two years.
Caveat: we are an easy building, though -- no sponsor, no sublets, no one in arrears, in relatively good repair, good reserves.
for your own personal mortgage why not go direct instea of a broker?
apart from the ridiculous amount of time to close the loan we went with citibank last time for our mortgage in a small 8 unit co-op
This is the name of the guy we dealt with.
Zain Siddiqi | Loan Officer | NMLS ID 625146 | Mortgage Banking | Chase | 530 5th Avenue 8th Floor NYC, NY 10016 | Office: 212-837-3614 |Fax: 866-278-9297 | firstname.lastname@example.org
Good morning littlelotte,
I'd recommend checking with the Lender who holds the underlying mortgage for your Cooperative.
lad mentions NCB (National Cooperative Bank): they are excellent, but I'm not sure if they are interested in new originations at this time.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services