Refinancing an Investment Coop
Investment Coops have become popular financial tools and housing options for many in today’s challenging financial world. We’re in the business of assisting with the purchase or refinancing of an investment coop working with refinance rates and terms to find the best deals at the best price. We aren’t able to do investment coop refis, however. Often, it’s possible to get a property with only 40 percent down.
Refinancing for investment coops is a specialized field. It requires knowledgeable experts who can sort through the maze of regulations and requirements along with heavy paperwork. Highly trained professionals know the market and various programs.
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- Loan Amounts up to $2 million
- Up to 65% loan-to-value
- Purchase or refinance
- Flexible income verification
- Fast closings
Refinancing and purchasing coops means asking for an appropriate loan within loan-to-value standards. Those standards have loosened creating an opportunity for added value. Financing also depends on factors like the coop board and whether the coop is sponsored. Many properties that once were rent-controlled were converted in the 1980s into coop properties to be purchased by residents.
It’s important to be familiar with mortgage options when it comes to investing in coops. Conforming loans have lots of requirements and paperwork. Most coops in the metro New York area and many other cities require jumbo loans. The minimum amount for a sponsored coop loan is $636,000, or less, with bank mortgage account reserves required to cover two years.
Other components of the process can include coop board interviews for unsponsored properties. Frequently, money is needed to refurbish properties. Experienced agents can help facilitate the entire process and take out many financing hassles so investors can concentrate on other matters. Those in the know can find ways to reduce or eliminate closing costs and take care of any special requirements.