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What can I do to get more (or better) quotes for my loan request ZR-FGXLYWB

Hi

Looking to buy studio next door and expand our home.  However, banks don't seem to be too interested, I guess because it's a relatively small transaction (123k) and it's a coop apartment.  What can I do?

Thanks
  • September 08 2012 - Queens
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Answers (2)

Profile picture for jn55
The issue at the moment is that the banks I have been to said until the two properties are officially combined, the studio is an investment and not a primary residence.  And they don't finance investment purchases of coop apartments.

But I can't combine them until I own them, and even then, it would take awhile. (What is the process to do that anyway?  One person said it would have to be done with NYC zoning or something?)

Thanks for your help and advice...
  • September 09 2012
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I guess you are working with a loan officer at a mortgage brokerage?

Cooperatives are trickier since the corporation (or other legal entity) owns the property and you only own stock in that entity via membership. Unless the loan officer is well-versed with cooperative financing, the banks probably are a bit wary based on docs provided to them.

Ask your loan officer if they understand the range of issues in cooperative financing.

Raheel Shahzad, Attorney, CPA, Real Estate Agent
Lombard, IL

  • September 09 2012
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