General Area in Montauk>Question Details

Matt, Other/Just Looking in Montauk, NY

I'm interested in a resort co-op rental in Montauk or Amagansett with on-site management. What kind of loans are available? What is the LTV?

Asked by Matt, Montauk, NY Fri Oct 8, 2010

ratio? I notice that the monthly charges vary from 600-1300/mo for a 1BR or studio. Why is this/? Also how does a prospective buyer and lender verfify the annual rental income?

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When you purchase a co-op the bank is going to need to see the financial statements and reserves of the co-op. The banks have increased the percentage of reserves required in 2010. The monthly charges are the taxes and maintenance fee's for the building and grounds. The rental income is reported as income and should be verified by tax returns.
0 votes Thank Flag Link Thu Oct 14, 2010
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