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Private Lending & Conventional Mortgage Advice

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Chris Marte
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Lenders that offer HELOCs on Co-ops

Chris Marte
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Posted Oct 2 2019, 11:34

I'm currently shopping around for a lender that will offer 90% LTV on Co-ops. I know some of the bigger banks service HELOCs on Co-ops like Chase, Citi, BofA but their LTV is 70% I believe. Some lenders that offer 90% LTV don't service Co-ops.

Does anyone have a suggestion for a lender offering 90% LTV on Co-ops?

Account Closed
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Account Closed
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Replied Oct 2 2019, 13:19

Are you sure your coop will allow you to go up to a 90LTV? They will have to approve the financing whether it be a primary loan or a HELOC, so you need to clear this first. If the coop is ok with it, I would be happy to research some options for you.

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Andrew Postell
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Andrew Postell
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Replied Oct 2 2019, 18:13

@Chris Marte you might be hard pressed to find this and the big question is - Is this your primary home? Or an investment property? You'll need to keep leaning on local people to answer this question so try posting in the "New York" forum here on Bigger Pockets or maybe even try some local REI clubs in your area. If this is an investment property you will not be able to find a product that fits that mold. Primary home....maybe, but still doubtful. Worth investigating further for sure.

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Scott Wolf
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Scott Wolf
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Replied Oct 3 2019, 07:02

National Cooperative Bank https://www.ncb.coop/ should be able to help you @Chris Marte

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Chris Marte
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Chris Marte
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Replied Oct 4 2019, 07:28
Originally posted by @Account Closed:

Are you sure your coop will allow you to go up to a 90LTV? They will have to approve the financing whether it be a primary loan or a HELOC, so you need to clear this first. If the coop is ok with it, I would be happy to research some options for you.

My co-op is ok with taking out HELOCs on units in the building.

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Chris Marte
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Chris Marte
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Replied Oct 4 2019, 07:28
Originally posted by @Scott Wolf:

National Cooperative Bank https://www.ncb.coop/ should be able to help you @Chris Marte

Thanks for the suggestion. Unfortunately, NCB does not lend on co-ops.  

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Scott Wolf
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Scott Wolf
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Replied Oct 4 2019, 07:37
Originally posted by @Chris Marte:
Originally posted by @Scott Wolf:

National Cooperative Bank https://www.ncb.coop/ should be able to help you @Chris Marte

Thanks for the suggestion. Unfortunately, NCB does not lend on co-ops.  

 Really?  You reached out to them?  If true, I'm very confused. This is directly from their website:

NCB offers Home Equity Loans and Lines of Credit for co-op unit owners

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Chris Marte
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Chris Marte
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Replied Oct 4 2019, 07:40
Originally posted by @Scott Wolf:
Originally posted by @Chris Marte:
Originally posted by @Scott Wolf:

National Cooperative Bank https://www.ncb.coop/ should be able to help you @Chris Marte

Thanks for the suggestion. Unfortunately, NCB does not lend on co-ops.  

 Really?  You reached out to them?  If true, I'm very confused. This is directly from their website:

NCB offers Home Equity Loans and Lines of Credit for co-op unit owners

Sorry, maybe I confused them with Third Fed. I called more than four lenders yesterday so maybe I got it mixed up. Think NCB, Key, and Citi all do 80% LTV on co-ops.

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Scott Wolf
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Scott Wolf
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Replied Oct 4 2019, 07:43
Originally posted by @Chris Marte:
Originally posted by @Scott Wolf:
Originally posted by @Chris Marte:
Originally posted by @Scott Wolf:

National Cooperative Bank https://www.ncb.coop/ should be able to help you @Chris Marte

Thanks for the suggestion. Unfortunately, NCB does not lend on co-ops.  

 Really?  You reached out to them?  If true, I'm very confused. This is directly from their website:

NCB offers Home Equity Loans and Lines of Credit for co-op unit owners

Sorry, maybe I confused them with Third Fed. I called more than four lenders yesterday so maybe I got it mixed up. Think NCB, Key, and Citi all do 80% LTV on co-ops.

Gotcha. That would be very confusing with Coop in their name and website. I think 90% LTV will be hard to accomplish with any bank. Good luck!

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John Bianco
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John Bianco
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Replied Oct 4 2019, 08:47

Are you an individual shareholder or seeking a loan on behalf of the underlying coop?

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Replied Mar 28 2023, 14:04
Quote from @Account Closed:

Are you sure your coop will allow you to go up to a 90LTV? They will have to approve the financing whether it be a primary loan or a HELOC, so you need to clear this first. If the coop is ok with it, I would be happy to research some options for you.

Yes

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Replied Mar 28 2023, 14:04
Quote from @German Pizarro:
Quote from @Account Closed:

Are you sure your coop will allow you to go up to a 90LTV? They will have to approve the financing whether it be a primary loan or a HELOC, so you need to clear this first. If the coop is ok with it, I would be happy to research some options for you.

Yes

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Replied Mar 28 2023, 14:05

Yes I can

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Replied Mar 28 2023, 14:06
Quote from @German Pizarro:

Yes I can