Financing in 10016>Question Details

Mickey - R.E.…, Home Buyer in Middletown, NJ

Banks that will refinance a non-owner occupied co-op in NYC

Asked by Mickey - R.E. Investor, Middletown, NJ Thu Dec 29, 2011

For NYC agents: Does anyone have a lender who they have experience with to refinance an East side co-op that I own and rent out? I have owned it since 1985 and have rented it since 1993.

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There is one bank in the TriState area which will finance an investment cooperative that I am aware of. The rates are not market rates. You would be looking at paying at least a point higher for a 30 Year Fixed Rate. The first thing I would check on is whether the Cooperative will allow you to refinance a non-owner occupied tenant under the by-laws of the corporation which owns the cooperative. I have to assume right now you do not have a mortgage or do you? Call me anytime to discuss in private. Peter Brown 914-202-4861
0 votes Thank Flag Link Tue Jan 31, 2012
I tried to call 914-202-4861 but could not get through. Is there another number where I can reach you? I am interested in refinancing an investment coop in NYC. Thanks, Sue
Flag Wed Oct 28, 2015
Mickey,
No bank refinances an investment coop since FNMA or FHLMAC does not buy them. I do have a private investor that does it.
0 votes Thank Flag Link Tue Jan 17, 2012
Mickey,
I'm not sure about how your situation would pan out, as it is unusual to be able to rent out a co-op for such a long time (condos usually no problem) but I can definitely refer you to some lenders experienced in financing NYC coops. Please give me a call
Jolie Muss
Licensed Real Estate Broker & Brokerage
"The Upper West Side's Buyer Broker"
331 Columbus Avenue, New York, NY 10023
Office: 212 721-3301
0 votes Thank Flag Link Fri Dec 30, 2011
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