I assume you already own the unit that you want to refinance, so that board approval is probably not a big issue. If they are allowing you to own it they will let you refinance it as long as you can afford it. The real issue is finding a lender who will finance you. I would look to commercial lentders. The problem I have found is that the LTV is very low. you will probably only get between 55-65% of the value of the unit bcause it is considered a commercial investment. Try speaking with:
Business & Professional Banking Group
134 Mamaroneck Ave
White Plains, NY 10601
If you need anything else, Let me know. All the best,
WEICHERT,REALTORS - House & Home
609 Kappock Street
Bronx, NY 10463
(718) 432-5000 (Office)
(718) 432-2091 (Fax)
(917) 974-2600 (Cell)
646 593 7207
You may want to look at some regional banks who are looking for options to lend/increase their debt cap. Larger banks are really mitigating risk now, and as the other brokers here have mentioned - not many co-ops are investor friendly - this may turn the larger banks off. Additionally, most banks have a list of approved co-ops. You can easily call different banks and speak with a loan specialist who can tell you if they would invest in your co-op.
Other than those things, everything with the refinance will be the same as if you were refinancing your home - well, you will need board approval, but other than that - it should be painless.
If you need assistance, reach out or contact some of the other agents that the brokers below have recommended.
Travis R. Old
CitySites Real Estate Group
Most co-ops expect the unit to be owner-occupied. There are a few exceptions here and there, but they are rare. If you were to find such a co-op, bear in mind that a lender considers an investment property to be a different animal than a primary residence, and your rate therefore will be different. Also being employed for a year is good, but co-ops generally want to see a lengthier work history.
I would strongly suggest you consider a condo as a more feasible alternative to the scenario you have outlined.
Hope this helps.
Halstead Property, LLC
I'm sure there are lenders that will refinance but a refinance in a coop is contingent on board approval.