What is a Co-op Loan?
A housing Co-Op is when a cooperative group (usually a corporation) owns a piece of real estate and allows individuals to purchase a share of the corporation. Someone living in a Co-Op does not own the unit they are living in, they instead own shares in the corporation that owns all of the units. However, those living in a Co-Op often receive similar tax benefits to those that own a home – making it a desirable living arrangement for many.
What is Required to Buy Into a Co-op Loan?
In order to buy into a Co-Op, the Co-Op board must approve you. Think of this like applying for a mortgage: there will be credit and financial history checks, employment history verification, character references and several other deciding factors taken into consideration.
Securing a Cooperative Housing Loan
Looking to invest in a Co-Op? GuardHill Financial offers the industry’s most competitive mortgage loans for Co-Op housing. Headquartered in NYC for 25 years, we have established a robust history of successful Co-Op transactions. We know most of the city’s Co-Op buildings and their requirements. Our seasoned lending team is prepared to turn your desire for a Co-Op residence into a reality.
Contact GuardHill Financial today to learn more about Cooperative Housing and Co-Op loans. We are uniquely prepared and excited to begin working with you!