Beautiful new residential buildings are erected every year. As developers make the finishing touches, the walls are closed to conceal elements like piping, wiring, fire suppression systems, and insulation. Unfortunately, awareness of these …
Since the second week of January, many co-op boards have been busy working with their banks to complete Paycheck Protection Program (PPP) applications. The inclusion of co-ops in the Fed’s forgivable loan program was the result of a joint e…
As we’ve reported in previous articles, special assessments are not the only tool condo associations and HOAs have to finance common area improvements and major repairs when needed; there are also loans available in the marketplace to help …
While individuals and businesses across the country and around the globe attempt to maintain some semblance of stability in a world reeling from the medical, emotional, social, and economic devastation of the coronavirus pandemic, identifyi…
A Mitchell-Lama co-op in East Flatbush has been the scene of a legal drama concerning its board and allegations of poor living conditions, despite scoring an $11 million state loan for needed repairs. According to an article in The CITY …
‘Jumbo loans.’ It’s a term we hear frequently and see advertised regularly. But what exactly is a jumbo loan, and how did ‘jumbos’ come to be? Origins The world of home loans -- including co-op and condo mortgages -- has changed and evo…
Whether it’s a renovation, an emergency repair, or anything in-between, condos, cooperatives, and homeowners’ associations are rarely not spending money on something. And while they may have reserves on hand to pay for its latest project, m…
The 2016 election and subsequent administrative and personnel changes in Washington have - or may have - an impact on the lending landscape for co-ops, condos, and HOAs. Get informed about how to keep your own building or association in rob…
While most purchasers of condos and co-ops prefer conventional fixed-rate financing, there is a substantial market for variable rate co-op and condo mortgages. Generally referred to as ARMs (adjustable rate mortgages), these instruments ca…
A home equity line of credit (HELOC) is defined by Wikipedia as “a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower’s equity in his/her house (akin to…