who refinances co-ops in small buildings?

Started by sasully

over 12 years ago

Posts: 0

Member since: Aug 2013

Discussion about

Trying to refinance a coop unit that recently came out from 'under water' (it now appraises at ~$150K over its 2007 sale price). Currently have a 7 yr ARM for ~900K at 6.12%, that ends next year. Citibank gave us a good rate but then strung us along for two months until they last week invoked the 33% rule (2 of the 6 units in the building are already mortgaged to Citi) and bailed (it also apparently involved a change of personnel at Citi). Who would be a good broker/bank to turn to now?

Response by jimmcp

over 12 years ago

Posts: 58

Member since: Jul 2009

I would love to take a look at this for you. Can you email me over the address of the building and I can check what our exposure is in the building?

Jim McPartland
AVP, Mortgage Banking
Bank of America Home Loans
50 Rockefeller Plaza, 11th Fl.
New York, NY 10020
(646) 556-0207 Direct
(917) 993-2358 Mobile
(866) 614-4829 Fax
james.mcpartland@bankofamerica.com
NMLS#614743

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Response by jgregorie

over 12 years ago

Posts: 12

Member since: Aug 2010

Contact Vanessa, She is awesome.
Dont try and do it directly through a bank, it will drive you insane.

Vanessa Thatcher
vthatcher@athccorp.com
ATLANTIC HOME CAPITAL
Tel: 631-687-3510 x106
EFax: 631-918-5222
Cell: 631-672-4113

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Response by Adam_Dahill

over 12 years ago

Posts: 8

Member since: Aug 2011

I've handled quite a few small cooperative loans both for shareholders as well as for the entire cooperative. Check out the article from nytimes.

http://www.nytimes.com/2012/12/02/realestate/mortgages-financing-for-small-co-op-units.html?_r=0

Adam Dahill
Mortgage Loan Originator
Mortgage Master Inc.
135 West 50th Street, 18th floor
New York, NY 10019
Office: 212-351-8020
Cell: 917-696-6010
adahill@mortgagemaster.com
NMLS ID: 66099

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Response by w67thstreet

over 12 years ago

Posts: 9003

Member since: Dec 2008

like cockroaches

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Response by fieldschester

over 12 years ago

Posts: 3525

Member since: Jul 2013

like w67thstreet

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Response by deanc

over 12 years ago

Posts: 407

Member since: Jun 2006

lol we had the same issue in 2008 chase wouldn't mortgage on 2 out of 8 apartments for a combination.....had to arrange through citi.

here we are in 2012 want to join another studio in the building.....citi no longer doing combinations and we had to go to chase who had changed their mind and now doing them......

lol enough to drive you crazy.

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Response by streetsmart

over 12 years ago

Posts: 883

Member since: Apr 2009

I have some portfolio lenders and some small banks.

Ellen Silverman
E.S. Funding Co.
Licensed mortgage broker since 1990
Licensed real estate broker since 1987
esfundingco@aol.com
www.esfunding.instantlender.com
NMLS#60631

who refinances co-ops in small buildings?

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