Underlying Mortgages on Cooperative Buildings
At MortgageDepot, we pride ourselves on being the authoritative source borrowers come to for financing the purchase of commercial space or apartments in cooperative buildings. Helping borrowers finance their purchase of shares in a cooperative is only one of the services our mortgage loan originators offer when it comes to co-ops.
Our mortgage loan originators facilitate financing the underlying mortgage to acquire cooperative buildings and properties. We also work with co-op corporations to refinance existing underlying mortgages at lower interest rates and favorable terms.
Financing the acquisition of a cooperative building is a loan to the corporation that owns or will own the building. The loan is secured by a mortgage on the building or real property in much the same way borrowers finance the purchase of residential and commercial properties and condominiums. The mortgage is frequently referred to as either an underlying mortgage or a blanket mortgage.
Benefits of underlying mortgages with MortgageDepot
MortgageDepot works with select lenders to offer borrowers seeking to refinance an existing underlying mortgage on a cooperative building or secure new financing the following benefits:
- Simplified application process
- Attractive loan-to-value ratios
- Amortizations available up to 30 years
- Fixed-rate financing
- Loans available to purchase or refinance
Our mortgage loan originators work with borrowers throughout the process to make obtaining financing as simplified and as worry-free as possible. MortgageDepot finds a lender offering the best terms available and guides the borrower through the entire lending process.
Find out how MortgageDepot can help
Whether a cooperative corporation needs money to purchase a building, make repairs or refinance an existing underlying mortgage, the mortgage loan originators at MortgageDepot can make it happen. Call us today at (800) 535-0720 to learn more about our underlying mortgage programs.