What Banks loan for this Co Op? It is at 42% owner occup. Fort Tryon Apartments

Asked by Mel, Inwood, New York, NY Thu Jul 5, 2012

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John Pisa’s answer
John Pisa, Agent, New York, NY
Fri May 3, 2013
Hi Mel, I may be able to assist you. My bank lends up to 50% LTV on most any condo or coop, investor or owner occupied. The exceptions could be unresolved litigation against the building or habitability issues with the unit for example. Foreign nationals are eligible. Credit must be excellent, be it domestic or foreign and liquid reserves of up to 1 year of all monthly liabilities including the new mortgage and maintenance is required. Down payment must be documented but there is flexibility on the source. Income can be domestic or foreign and must be verified. It can be documented using non traditional methods but must clearly be ongoing and make sense. Minimum loan size is $300,000 for this program. Terms are 5/1 arm and up with the 5/1 arm rate starting about 1-2% over the conforming fannie Mae fixed 30. Expect to pay 2 discount points to obtain the loan. If these terms work for you, call me to discuss your eligibility.
John Pisa
Private Mortgage Banker
Cross River Bank
Direct: 917.426.5757
E-Fax: 800.863.0674
NMLSR ID # 173221
Residential: 1-4 Unit, Condo & Coops - Conventional, FHA & Jumbo
Commercial: Apt-Ofc Bldgs, Strips, Construction, SBA & Portfolio Loans
0 votes
Adina Greenb…, Agent, NY,
Thu May 2, 2013
Citibank loans in the building.Check with Liesel Cadet who works for the sponsor, she has the contact person from Citibank.
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Fern Hamberg…, Agent, New York, NY
Mon Jul 9, 2012
Buying a CO-OP wich is 42% owner occupied is not always done using a loan. It is usually a cash deal! The developer will tell you who will be able to loan you money to purchase the unit you are interested in. In some cases, the developer can lend you the money to purchase the unit.
Good Luck!
Fern hamberger
Vice President Asso Broker
0 votes
Veronika Baba, Agent, NY,
Thu Jul 5, 2012
Hi Mel!
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
0 votes
Yelena Delts…, , New York
Thu Jul 5, 2012
Fort Tryon Co-op can recommend you the bank they mostly work with. You can ask broker you working with or management directly.
0 votes
Weichert Rea…, Agent, Bronx, NY
Thu Jul 5, 2012
Hi Mel,

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.

609 Kappock Street
Suite 1A
Bronx, NY 10463
(718) 432-5000 (Office)
(718) 432-2091 (Fax)
(917) 974-2600 (Cell)
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