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Co-op Mortgage

Started by hofo
almost 17 years ago
Posts: 453
Member since: Sep 2008
Discussion about
Just out of curiosity, do most co-ops have interest only loans for their mortgage? So far I looked at 3 co-ops and they all have IO loans rather than amortizing loans. Do co-ops do this to avoid hiking the maint?
Response by NWT
almost 17 years ago
Posts: 6643
Member since: Sep 2008

That tends to be the case.

Buildings with relatively-big mortgages do try to pay them down. E.g., 310 W 72nd used to have crazy-high maintenance. Over the last 15-odd years they've gotten it down to normal. They were lucky, though, in being able to issue new shares for penthouse construction. That brought in a good chunk of cash, and of course more shares amongst which to divvy up the nut.

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