HABITAT
Subscribe for Daily Updates!
A recent article in HABITAT's June issue said that FANNIE MAE backed lenders won't finance underlying mortgages where sponsors own more than 10% of the units in a building. Our 32 unit co-op in Brooklyn needs to refinance to pay for several capital improvements, including a new boiler, but the sponsor still owns 6 units (only 2 are rent stabilized, 4 others he rents at market rate). Any advice on how we can force sponsor to sell 3 units to get us below 10% and would his listing for sale of 3 apts be in compliance with the FANNIE MAE guidelines
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat u
visit habitat uHabitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Archives
search
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.
Ask the Experts
learn moreLearn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
Subscribe
join nowGot elected? Are you on your co-op/condo board?
Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!
Hi jbm,
First: try just assessing the full amount. This may intice the sponsor to sell to raise cash if they don't already have it.
Second: try NCB.
Good luck!
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.