Looking to refinance Coop in NYC

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Looking to refinance Coop in NYC

Account Closed
Investor · Member since 2020 · 23 posts · 10 votes

I have a co-op in New York City and I’m looking to see if anyone has refinanced a co-op and what the best places to look are as many banks don’t deal with co-ops? I have a 2.75 interest rate quote on a 30 yr fixed now from Wells Fargo, was thinking local credit unions perhaps.

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
5y

If you have a 2.75% quote on a coop, you probably arnt getting better than that.

[email protected]301-893-4635Podcast Guest on Show #192
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  • Clay Thurman
    Investor · NY · Member since 2020 · 6 posts · 3 votes
    5y

    TD Bank 

    National Cooperative Bank

    NorthStart Funding 

    The last 2 might not be doing them now, but have in the past so likely will take them on again depending on your timeframe. 

    Best of luck

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  • Scott WolfPro Member
    Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 957 votes
    5y

    @Account Closed, not sure why you think many banks won't finance co-ops.  Is it a personal residence?  Also, that's a pretty good quote from WF.

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  • Steve Velez
    Member since 2020 · 36 posts · 11 votes
    5y

    I have faced the same issue as NYC co-ops tend to be more difficult and some lneders may avoid the overhead).  Especially since some banks have a backlog right now.  I have both primary residence and  rental investement co-ops and the investment property has been extremely hard for me to find (despite the fact that it  is already paid off).  Good luck!

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    5y

    If you have a 2.75% quote on a coop, you probably arnt getting better than that.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    2Reply
  • Brandon CohenPro Member
    Real Estate Agent · New York, NY · Member since 2014 · 160 posts · 45 votes
    5y

    @Account Closed you shouldn’t have trouble finding a bank that will lend on a coop, unless it’s investor friendly and investor ratio in the building is high.  That said, Wells Fargo has been my go to referral lately because their rates have been great.  

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  • Alexander Szikla
    Real Estate Agent · New York City · Member since 2020 · 818 posts · 639 votes
    5y

    Happy to recommend someone at Bank of America as well. But seems like you got a great rate. I think you will have more issues dealing with the co-op board on this than the bank!

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  • Abhishek Reddy
    Member since 2018 · 8 posts · 2 votes
    5y

    I could use a reference for a coop refi. I tried with Citi, started the process back in January and still don’t have a closing date set. 

    Thanks in advance for any referrals. 

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  • Brandon CohenPro Member
    Real Estate Agent · New York, NY · Member since 2014 · 160 posts · 45 votes
    5y

    DM or email me I can do a few intros for you

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  • Scott WolfPro Member
    Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 957 votes
    5y

    @Abhishek Reddy, you can send me an email or DM.  I have lots of Loan Officers I can introduce you to.

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  • Abhishek Reddy
    Member since 2018 · 8 posts · 2 votes
    5y

    Appreciate the offer @Scott Wolf. As of literally 7pm tonight it seems we’ve made some progress with the current effort. I’ll reach out if I have a need in the future. 

    1Reply
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