Hi,

We have found NCB to be accommodating. You may want to take a step back and examine your co-op's finances – perhaps there is a reason, other than size of the loan, that would prevent lenders from granting your request.

For example, do you currently put funds aside regularly for capital reserves? Do your maintenance charges cover your operating costs plus loan principal payments (both principal and interest)? Is the project frivolous or necessary in nature?

Just a suggestion, but this sounds like the perfect opportunity to perform a deeper dive on your finances overall. Here is my e-mail address: stephenvernon@yahoo.com in case you wish to explore this further. I am a co-op President of a 111 unit complex in Inwood/northern Washington Heights in Manhattan. We have done our last two major capital improvements totaling nearly $2 million without assessments. On a professional note, I work with a very large pension fund here in NYC which is in the top 10% of all US plans based on funding.

Sincerely,

Steve