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Mortgage Lender for Coop with Spotty Financials

Started by ossonline
over 11 years ago
Posts: 2
Member since: Oct 2013
Discussion about
Hi all, I purchased a prewar coop apartment with 22 units in NYC in cash, and the building has some spotty financials (low monthly maintenance combined with an unexpected boiler breakdown depleted the reserves a couple of years ago). The financials are on the mend, but I'd love to take out a mortgage sooner rather than later to lock in rates and begin doing some renovations. Does anyone have a recommendation on NYC lenders that have a more holistic approach? Appreciate any insight or advice from those who have been through this sort of situation.
Response by flarf
over 11 years ago
Posts: 515
Member since: Jan 2011

Have an even smaller building without massive reserves and our underlying mortgage is through NCB.

http://www.ncb.coop/

Looking at refinancing and they're offering about 200 bps over the 10Y Treasury on a 10Y balloon. Just starting the process so not sure exactly how terrible that rate is.

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