Financing in Brooklyn>Question Details

Mariedda, Real Estate Pro in Oakland, CA

I have a co op in New York City ( Brooklyn) that is rented and would like to refinance and take cash out.

Asked by Mariedda, Oakland, CA Sun May 20, 2012

We have excellent credit and it wont be a problem with the coop. We also have a lot of equity in the property. anybody know a bank/lender who can help us?

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Answers

6
You may talk to a mortgage banker.
0 votes Thank Flag Link Wed May 29, 2013
I MR. RICHARD A, YOUNG I AM THE SON OF THE MRS. VIRGINIA LEE, YOUNG AND THE LATE MR. ALBERT BERNARD, YOUNG . I WANT TO KNOW HOW CAN I FIND OUT HOW MUCH THAT HAVE PAID INTO THERE EQUITY ACCOUNT. THEY MOVE INTO 120 CASALS PLACE APT.17L IN CO-OP CITY ON 09/18/1970. THEY DON'T WANT TO TELL ME, RIVERBAY CORPORATION BEEN STILLING THE MONEY FROM ALL THAT MOVE OUT, WHAT CAN I DO TO GET THEIR MONEY THAT THEY PUT IN?
0 votes Thank Flag Link Wed May 29, 2013
Refinancing coops I understand is extremely difficult because of the management companies that have to fill out certain documentations. Start of with the lender that you have your mortgage with now.
0 votes Thank Flag Link Sun May 27, 2012
If you currently have a mortgage, contact your lender; also check with any other larger banks, mortgage brokers....
0 votes Thank Flag Link Sun May 20, 2012
Occupied apartments are generally tougher to get financing these days you may not be able to take more than 75% or less.
0 votes Thank Flag Link Sun May 20, 2012
Dear Mariedda:

It depends on how much equity you have in the property exactly. The bank will do an appraisal but usually they will only lend up to 75-80% of the value. If you need help I know several bankers who can help you if you are qualified. Feel free to contact me. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sun May 20, 2012
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