HELOC on Coop....Board Approval???

i'm pretty sure the board has to sign the recognition agreements from the lender which you'll need to close the loan/line of credit.

and it sucks but you might have to pay an application fee to the management company

Speaking from board experience, think your answer rests with the managing agent. I have noticed refinancing and lines of credit occurring without board notification. In general, many board requirements are broken via the actions of the managing agent. Negative pledge loans are common and go without anyone's notice. Many board members have really no clue what really goes on and what the managing agent is doing.

What is a negative pledge loan?

It depends on the building. Generally, you do not need board approval for a HELOC. I have owned several co-ops, have had HELOC's on all of them, and have never needed to get their approval. There are always exceptions, and agree with robocop, the easy way to be sure is to call the managing agent.

What does it matter that the Co-Op requires 25% down?

because if you get a HELOC...than you'll no longer have 25% equity.

--ask your mortgage broker about negative pledge loans

I did some research. If I had the funds to back up the loan, I wouldn't need to loan in the first place.