how do you finance a coop?

Asked by Justine Rogers, Pennsylvania Fri Mar 8, 2013

What lenders finance coops

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Christopher Pagli’s answer
Christopher…, Agent, Tarrytown, NY
Sat Apr 13, 2013
Most lenders do coop sales. The thing that will vary is what criteria they have for coops. There is a questionairre sent to the management company that contains all details of the coop and the way it's run. One thing banks don't like is if the renter/owner ratio is too high. Renters bring down the property value in the banks eyes and can be a reason for denial.

Chris
0 votes
, ,
Sat Apr 13, 2013
Co-ops are limited here in Philadelphia but we still have several outlets to get them financed. You can connect with me at http://www.PaulCarson.com or 215-874-0125
0 votes
David Frankel, , Philadelphia, PA
Wed Apr 10, 2013
We can originate mortgage loans on co-ops
0 votes
Wbg, , Philadelphia, PA
Fri Mar 29, 2013
In phila...it's very hard. But there are banks that will do it...ltv...60-70%
0 votes
Sheri Curci, Agent, Newtown, PA
Mon Mar 11, 2013
Good Evening Justine, Co-op's are are a certain purchase where you must be interviewed by the Association for approval... they usually want to see two times the amount in you funds for the purchase... Good Luck...

John + Sheri RE/ MAx Properties 215-757-2889
0 votes
Philip J. Cu…, Agent, Feasterville, PA
Sat Mar 9, 2013
Where is the Co-op? You might want to ask the Co-op about finance options I'm sure they will know. If you still need help with the Buy in please call me if it's in the Philadelphia,PA area 215-725-5700X49

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700X49
philcunningham2004@yahoo.com
Web Reference:  http://www.GreatPaRE.com
0 votes
Wbg, , Philadelphia, PA
Fri Mar 8, 2013
Very hard in phila...may have to put 40% down if you can find one that will do it...try a mortgage broker who will have access to different sources
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