Private Mortgage Banker
Cross River Bank
NMLSR ID # 173221
NATIONWIDE DIRECT LENDER
Residential: 1-4 Unit, Condo & Coops - Conventional, FHA & Jumbo
Commercial: Apt-Ofc Bldgs, Strips, Construction, SBA & Portfolio Loans
APPLY NOW at http://WWW.CRBLOANS.COM/JPISA
Vice President Asso Broker
Each co-op maintains a list of "approved" or "recognized" lenders. Because the lender will have an interest stake in the cooperative corporation, the co-op must recognize this stake and allow the lender to have a say in what happens if an owner defaults on his or her mortgage. Generally, each year the co-op must send financial information to lender(s) it has a recognition agreement with in order to keep that recognition agreement in place. Thus, keeping recognition agreements, in effect, costs a co-op some money. To limit its costs, most co-ops will only "recognize" two or three lenders. That means a buyer must use one of those lenders. The only alternative is for the buyer to pay cash to purchase the co-op.
Veronika Baba Kian Realty NYC
phone 347 528 5573
It is going to be very difficult to get financing on a co-op with owner occupancy below 50%. The Fannie Mae guidelines (Which even Wells Fargo and GMAC follow) are very strict about this. It is possible an Independent Investor may be able to help. I wish you the best of luck.
Let Me know if I can be of any more assistance.
WEICHERT,REALTORS - House & Home
609 Kappock Street
Bronx, NY 10463
(718) 432-5000 (Office)
(718) 432-2091 (Fax)
(917) 974-2600 (Cell)