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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
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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!
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Board Talk members who registered prior to March 9th, 2016 will need to reset their password.