Purchase and renovate loan for a coop?

Started by amuhle

almost 13 years ago

Posts: 2

Member since: Mar 2013

Discussion about

Are any lenders offering purchase and renovate loans for coops? Looking to buy a coop that probably needs 80k of work and have been approved for a mortgage 200k over asking but unfortunately Wells Fargo does not offer purchase and renovate loans for coops. Any ideas streeteasy community?

Response by tcurranmortgage

almost 13 years ago

Posts: 52

Member since: Jul 2012

Good morning amuhle,

No, as far as I know there are no such programs for Co-Ops and there never have been. Sorry.

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

*I post my full contact information because it's required by NYS regulations.

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Response by Oxymoronic

almost 13 years ago

Posts: 165

Member since: Dec 2007

Can it be achieved through a traditional mortgage with say 20% down + a HELOC for the remainder or is it simply not possible to borrow more than 80% of a property's current value nowadays. Are there alternative non-secured loans possible other than maxing out credit cards?

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Response by sleger

almost 13 years ago

Posts: 4

Member since: Dec 2012

you may borrow money on peer to peer lending : the 2 biggest in the US are lending club and prosper. Depending on your credit score ... you may have better rates than credit cards. Max loan is 30k

Purchase and renovate loan for a coop?

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