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Can I get a loan for a second coop apt?

Started by slp2012
about 13 years ago
Posts: 0
Member since: Nov 2012
Discussion about
I was recently married in June 2012. My wife bought a small coop apt in Manhattan back in 2008. It’s really an alcove studio and we desperately need space. We may have the opportunity to buy the apt next door which would allow us to combine apartments for more space. I was told by a mortgage company that securing a load on a 2nd coop apt won’t be possible as the second apartment would be considered and investment property. However, the goal is not investment but rather to expand our primary living space. If this is true, I can’t believe that there isn’t another way of doing this outside of paying cash which is not a possibility. My question... if I put this second apt in my name (I'm not the owner of the first apt) can I potentially get a mortgage? Any other advice? Thanks for the info.
Response by 10003
about 13 years ago
Posts: 9
Member since: Nov 2011

I combined 2 coop arartments, as you describe. It was a while ago, but, if I remember correctly, they required that the units be combined, and did one mortgage. Was actually pretty smooth. Done with Chase Mortgage.

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Response by UES10021
about 13 years ago
Posts: 33
Member since: May 2012

Contact a mortgage broker, this is fairly common in Manhattan.

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Response by nyc10023
about 13 years ago
Posts: 7614
Member since: Nov 2008

Very common and as said previously, one mortgage on the old apt and new purchase. The bank may ask for some $ in escrow pending removal of the 2nd kitchen and break-through.

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Response by Triple_Zero
about 13 years ago
Posts: 516
Member since: Apr 2012

@SLP2012 - Is the board OK with it? I remember reading in the New York Co-Op Bible abour a case like yours and either the board or the bank got upset.

@10003 - Nothing to do with the subject at hand, but you've got the username I wanted (since everybody seemed tobe using ZIP codes) when I signed up for SE! I had to settle for only the middle part ^_^;

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Response by jasonl PRO
about 13 years ago
Posts: 78
Member since: Jan 2010

It's possible. A client of mine just closed on a similar sounding deal (purchased apt next door to combine) with Manhattan Mortgage. Try Dan Levitan:
DLevitan@manhattanmortgage.com

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