Where can small co-ops get an underlying mortgage?

There's a bank with the name Cooperative in it that does a great deal of that
financing. My East Village rental coop is in an 18-unit 6-story walk-up which
it has financed. Something cooperative bank.

maybe

http://www.ncb.com/

how about a special one-time assessment to pay if off!!!

Somehow I think the shareholders are not going to appreciate a special assessment of up to $55,000 each. :-)

We know of NCB, thanks. We were hoping to get some other names, too, if anyone knows of any.

@W19th, sure a special assement of 55k may not go down well BUT if you point out to the co-op members that they could refinance their apartments at historic lows and dramatically lower their monthly co-op fees i dont know why more co-ops aren't considering paying off their mortgages entirely.

Try Emigrant's Bob Magnum. They are a portfolio lender that
has in the past been big in NYC Coops.

Thanks for the referral to Emigrant. They'll only write a five-year loan, though. Refinancing this sucker is expensive, so we're looking for at least ten years; 15 or 20 if possible.

Interestingly, the idea of assessing everyone and paying off the underlying mortgage has gained some traction, mainly because of the high refinancing costs relative to the mortgage balance. I'll start a separate thread about pros and cons of doing so.

My only question is what that does for the value of your apartment. If everyone started putting in $55k each, would you actually get that back when sold? or are you better off with the underlying mortgage. I would think this is somethign to keep in mind, because makign the underlying mortgage disappear will not automatically push up all the apartment values.

If i was an owner i would not want to come up with that cash, especially if i am considering selling in the next few years as the market continues to figure ot the direction it is headed.

http://www.brownstoner.com/forum/archives/2010/09/coop_refinancin_1.php