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.
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.
Senior Mortgage Banker