Coop building mortgage refinance

How many units?

20. Units worth more than $50mm. Thanks.

300, where is property? Will this be first/underlying mortgage? Used to underwrite these loans for an S&L in Yonkers. Have you thought of NCB?

Yes. Only mortgage. Prime Manhattan. We have a mortgage with ncb right now which matures soon but they are not competitive.

City & Suburban used to do these loans. Maybe Apple, Flushing SB? 15 year ago, most S&L's would do them especially in Manhattan.

try valley national

Have you thought about assessing the units and just paying it off? "No underlying mortgage" can be a big selling point for a co-op. And let anybody who wants to cash out refi to pay for it do so with no board approval on the refi.

Thank a lot for the suggestions. I was thinking Apple bank but nice to have a couple of other names. Paying off unfortunately does not work as a couple of shareholders do not have an ability to pay extra and we already have an assessment. Mortgage payments are only 5% of the budget at taxes continue to become bigger and bigger portion unfortunately. Hence, it is much easier to refinance than convince everyone for another assessment.

Pretty sure New York Community Bank is writing underlying mortgages on this size property.

Investors Bank did our last underlying mortgage, a bit over $1MM: https://www.myinvestorsbank.com/

Might want to try using a broker: http://www.meridiancapital.com/ -- can recommend Avi Geller there. They'll charge ~50 bps so it's not free, but need to weigh access to good rates and the hassle factor.

Our previous loan was with NCB. Totally uncompetitive in my experience as well. I think they count on inertia and laziness from board members to just refi with them instead of looking elsewhere.

Thank you. We found the same issue with NCB.

Flarf, Do you still have your contact information at myinvestorsbank? Which branch if you remember? Thank you.

I have a lender who does small underlying co-op mortgages

Ellen Silverman
Licensed Mortgage Broker since 1990
NMLS#60631
Esfundingco@aol.com

Thanks Ellen. What do you charge as your fee for $1mm and what are the rates for 10y maturity 30y amortization?

Mary Theoharidis, mtheoharidis@myinvestorsbank.com

Thank you.