LAVENDERLAWBLOG POST: APPROVAL OF COOP BUILDINGS
The article linked below was emailed to me by a client of mine (Thanks Amanda). I thought it was interesting. It highlights one of the hurdles a purchaser of a cooperative apartment has to overcome in order to obtain financing. The composition of the building (percentage of owner/coop/investor owned apartments) is something we look at when performing our due diligence prior to entering into a contract of sale to purchase a coop apartment. This is information typically requested by a prospective lender as part of the underwriting process. They would get it from the Board or the managing agent. We want to make sure we are not wasting time and money.
Any questions or comments are greatly appreciated.
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