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Hello,
My Coop is seeking to refinance their underlying mortgage and wanted to get some feedback from fellow Cooperators.
We are a small bldg with 54 units and have secured a mortgage broker who has introduced 2 lenders to the bldg.
As a Board member I want to check out other lenders to see what other products are out there. Have anyother boards recently refinanced their underlying mortgage and if so which lender/bank did you use?
I appreciate any information you may have.
Thanks,
Dom
Please contact the National Cooperative Bank NY office at (212) 808-0880. They will put you in touch with a Loan Officer.
Our mortgage is with JP Morgan/Chase.
It is fully amortized/self liquidating. This was done before I bought my unit but the full amortization was a big selling point to me and increased share value
Thanks for all your feedback.
I am aware of NCB but their restrictions contained in their loans make it very unattractive.
I will check out JP Morgan but, in general, a 30/25 year self liquidating underlying mortgage tends to carry a huge prepayment penalty that one really needs to exercise alot of caution before going down that road.
Thanks again,
Dom
If a self-amortizing loan is desired and you are able to obtain it at a low rate, a credit line for the term of the mortgage becomes imperative to avoid poor decisions relating to refinancing.
AdC
Hi Dom;
How did your refinance go? My building is considering refinancincing as well. What suggestions do you have? Do you recommend using a broker?
Thank you,
Huang Chen
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Consider National Cooperative Bank (NCB) offices in Washington DC and NYC
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