Cash Out of Investment Co-op

Started by technorat

almost 13 years ago

Posts: 63

Member since: Aug 2009

Discussion about

I am looking to pull cash out of a 100% equity owned co-op apartment I own which is being rented out currently. Amount of cash out would be 30% LTV. I've started contacting some banks but apparently many have policies prohibiting cash-out financings of investment co-ops. Any leads on banks that did permit this would be much appreciated.

Response by rb345

almost 13 years ago

Posts: 1273

Member since: Jun 2009

There was one local bank that for many years did 50% LTV cash-out. I believe
that the name started with an M and had seven letters. It is owned by an old-
line NYC real estate family.

Ignored comment. Unhide

Response by tcurranmortgage

almost 13 years ago

Posts: 52

Member since: Jul 2012

Good morning technorat,

Co-Op financing is challenging at best in the current lending environment for Owner-Occupants; more so for Investors. I'm not aware of any Lenders allowing Investor Cash-Out Refinancing for a Co-Op, but I have some suggestions for you.

1. Ask your Managing Agent for the Lender holding the underlying mortgage for the Cooperative. Contact that Lender and inquire.

2. Emigrant Savings Bank: local Lender doing more Co-Op lending than most of the rest of us.

3. Apple Bank for Savings: same as above. And Apple is often the lender holding the underlying mortgage on many NYC Cooperatives.

4. NCB: National Cooperative Bank. Not sure if they're still in the "retail" lending trade, but they used to be pretty big with Cooperative lending in NYC.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

Ignored comment. Unhide