Home Buying in New York>Question Details

Romand69, Home Buyer in New York, NY

live in the fleetwood/westchester.64 units & there are 11 sublets.Co-op building can only sublet 10% of the total units of the building?

Asked by Romand69, New York, NY Tue Oct 1, 2013

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Not sure exactly sure what specifics you are looking for, however you can check the house rules and all other related documentation, or contact management and ask...
1 vote Thank Flag Link Tue Oct 1, 2013
Are you referring to a limit based on getting a mortgage?
0 votes Thank Flag Link Sat Oct 5, 2013
Typically sublet would mean shareholders renting out their units if that's what you are referring to. Sponsor units are direct rentals, market rate and / or rent stabilized. In any case, most lenders look for an owner occupancy rate of 60% and up, provided the Co-op is financially sound otherwise. Some lenders would not go for less than 80% owner occupancy rate.
0 votes Thank Flag Link Thu Oct 3, 2013
When you say "11 sublets" are you including sponsor-held units in that calculation as well? Each building is different and its the same with banks. My bank does not have stringent requirements on co-op occupancy as long as there are other strong compensating factors in place. In other words, we would fund a building that has 11 sublets/sponsor held units out of 64.

Shawn Carson
Quontic Bank
Senior Mortgage Banker
(718)215-4069 (office)
0 votes Thank Flag Link Wed Oct 2, 2013
Each coop is different but the banks want to see more owners then renters in order to fund loans for that building.

0 votes Thank Flag Link Tue Oct 1, 2013
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