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Co-op Reserve Fund Question

Started by elf2115
about 13 years ago
Posts: 0
Member since: Apr 2012
Discussion about
I am considering purchasing an apartment in Manhattan in a co-op building that has approximately 115 units. The building's reserve fund is only about $133,000 but it also has a $500,000 line of credit. However, currently there is an outstanding balance of $270,000. I know the co-op generally uses the line of credit as a reserve fund, but I'm still wondering about these numbers, and whether I should be concerned about the building's finances? Any comments or thoughts would be most appreciated.
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