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talk to your current mortgage lender first. Also check your mortgage terms to see if you are even allowed to do secondary financing. You can always do things without a broker but you need someone that knows the mortgage market.
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"managing agent employees putting their hands in the co-op and condo cookie jars. The favorite cookie seems to be price fixing of large repair or capital improvement programs where thousands of dollars are paid by the building to contractors, engineers and architects. The prices of the jobs are inflated and everybody skims a little off the top"
Allegra T. is totally and absolutely correct. In our building, we have two elevators (2 buildings, 6-floors each), which needed "repairs", the Managing Agents tells the corrupted fools in the Board. These are 25-years old elevators, who were already cosmetically renovated 5 years ago to the tune of $7.000. "That's not enough", says the Hungry Wolf, "we need to renovate the entire elevator system, $260.000". We organized petitions of residents shareholders telling the corrupted fools in the Board, that the elevators were working reasonably well, and such expenditure was not needed. To no avail. The job was done (2 months of construction) and we were imposed a 5% assessment for 5 years. An investigation of the contractors industry revealed that the whole renovation work could be done for only $40K per elevator, $80.000 total for both. So, right there you can detect a " small" skimming of $180.000! These peoples, named by Allegra as contractors, engineers, architects, all of them under the command of the Managing Agent, and they are mafia. They are insaciable parasitic predators, and won't stop their feeding frenzy until they have banrupted the coops. All coops. We are in the grip of several mafias. May the gods have mercy on us, and send us a champion to defend the resident coop shareholders. Jerry Grosof, Concerned Citizens for Coop Reform. g5grosof@msn.com
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If you you use "consultants" they will alway try to get you to replace elevators that are not actually broken. They will claim they are obsolete. This also depends on the age of you elevator.. if it is old and the "drum" is fine, do NOT replace it until ithe drum breaks. They try to sell you on replacement as the contract is so big. Sometimes managing agents also push for this. The lesson: do your due diligence. Talk to companies that actually repair and maintain elevators and not consultants if you want objective advice.
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