Dear Colleagues, Friends
and Clients,
Even with the significant
increases in interest rates
that have been occurring
over the past few weeks,
we are still able to obtain
low, competitive pricing
for co-op underlying mortgages.
At Winter & Company,
we take advantage of the
various loan programs that
are made available by the
numerous lenders that we
work with to provide a wide
array of competitive options
and loan structures for our
borrowers. Winter & Company’s
bridge lending affiliate,
W Financial, is actively providing
bridge financing for cooperative
corporations as well.
On May 11, 2004, we closed
a $1,050,000 30-year self-amortizing
co-op underlying mortgage
at an interest rate of only
5.72%. This new loan allowed
the Board of this 40-unit,
Seaford, Long Island co-op
to lower its monthly mortgage
payments and take out additional
funds for maintenance and
repairs. What amazing pricing
on a 30-year deal!
On February 13, 2004, we
successfully arranged $4,500,000
in financing for a 100% owner-occupied,
Riverside Drive co-op on
Manhattan’s Upper West
Side. The co-op’s current
mortgage was nearing maturity
so the Board engaged Winter & Company
to provide the new $3,500,000
mortgage, which was arranged
as a 30-year self-liquidating
loan with a fixed interest
rate of 5.9%. A $1,000,000
credit line was also arranged
for this co-op at a rate
of PRIME plus .25%
On January 26, 2004, Winter & Company
and W Financial refinanced the
underlying mortgage for a
118-unit, 74% owner-occupied
co-op in Yonkers, NY. Winter & Company
arranged a $4,700,000, 30-year
fully self-liquidating loan
at a fixed rate of only 5.82%,
priced at 179 basis points
above the 10-year Treasury.
When the co-op did not have
enough money in their reserves
to pay for the Lender's 2%
good faith deposit fee, W Financial provided a second mortgage
bridge loan of $120,000 that
closed quickly enabling the
Borrower to take advantage
of the attractive terms being
offered by the first mortgage
Lender. The co-op's new 30-year
fixed rate mortgage has a
supplementary financing provision
that will allow them to borrow
additional funds if needed,
several times during the
loan term. During the second
half of the loan term, the
prepayment penalty will be
only 1% providing maximum
flexibility to the borrower.
On April 22, 2004, we closed
a $900,000 credit facility
for a beautiful 12-unit cooperative
building located in the heart
of SoHo in Manhattan. This
new 20-year self-amortizing
loan has an interest rate
of 5.75%.
Please contact one of our
loan specialists today for
more information on obtaining
the lowest possible rates
and the best possible terms
for your cooperative underlying
mortgage.
Very truly yours,
Gregg Winter
President
© 2008. Gregg Winter. All Rights Reserved.
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