sponsor units

Many if not all plans require the original Sponsor or its designated assignee or foreclosing secured
party assignee to pay 3% of gross sales price to the Coop for its Reserve Fund.

if a building is 75% owner occupied....is that ok for mortgage? Also...the 25% that is sponsor owned.....im assuming that the sponsor pays a portion of the rental income back to the coop? Doesnt a coop get negatively impacted by having 25% of units not paying maintenance,taxes, etc......is nothing gained from these sponsor owned apartments until they are sold?

there are many different plans that were setup with the sponsors when the building went coop. all sponsors pay the maintenance on their apartments, so the building does not suffer unless the sponsor does not pay.

i've never heard of a sponsor paying the flip-tax when selling. there is no benefit to the coop in monetary sense. there is a benefit to the coop that a shareholder/owner will be living in the apartment vs a renter.

as for 75% owner occupied. the rental apartments could be a mix of sponsor and rented by a shareholder apartments.

as long as the financials of the coop are fine, there should be no reason as to why you would not be able to get financing.