Financing in Chicago>Question Details

Yuliya, Home Buyer in Chicago, IL

Loan for coop for under 70K, 10-15 years

Asked by Yuliya, Chicago, IL Sat Nov 2, 2013

Anyone knows where I can get a loan for coop for under 70K for 10 or 15 years?
Condo is in Chicago, down payment can be 20%-30%.

Thank you!

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Answers

9
Take at look at the cons and pros (if any) in coop , because 90% regret of coop condos after 1 yr.
1 vote Thank Flag Link Sun Nov 3, 2013
I am referring you to Millie Reyes-Williams, (BMO Harris Bank). Her direct number is 708/755-3130. She is excellent and will work with you until you are satisfied.

I am also referring you to Marc Poncher (Destiny Mortgage Group). He can be reached directly at 847/774-9503. Marc is also very dedicated to customer satisfaction. Good Luck!
1 vote Thank Flag Link Sun Nov 3, 2013
Coops are poor investments. Resale value is significantly inferior to condos. THe HOA tends to be very difficult and always has lots of rules/restrictions, the main one is no rentals or if they do allow them once in a while they usually require approval. While the price might be interesting, long term, you might not like it.
1 vote Thank Flag Link Sun Nov 3, 2013
I noticed they stary way longer on a market but i also notice it reflects price which is much lower for coop than for a regular condo. But you are right, a lot to consider before buying coop. Thank you!
Flag Mon Nov 4, 2013
My advice is to contact Millie Reyes-Williams (BMO Harris Bank). She is excellent in her field, and will work with you to make sure you are satisfied.
1 vote Thank Flag Link Sat Nov 2, 2013
Hello Yuliya,

Co-ops take a certain level of expertise. There really is one lone officer I would trust to help you. Please feel free to contact me so I can pass along his information.
1 vote Thank Flag Link Sat Nov 2, 2013
When your running into lenders who don't want to deal with co-ops or small loans, look at it as a good thing because it's forcing you to have to shop around! An informed consumer is a smart consumer!
0 votes Thank Flag Link Mon Nov 4, 2013
Sure. Try Robert Curtis at 5th/3rd Bank
0 votes Thank Flag Link Sun Nov 3, 2013
speak to a lender on this
0 votes Thank Flag Link Sun Nov 3, 2013
I did, some dont deal with coop, some dont want to deal with that small loan
Flag Mon Nov 4, 2013
Yes I know of someone I can recommend for this.
0 votes Thank Flag Link Sat Nov 2, 2013
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