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Co-op Underlying Mortgages


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LIST OF ITEMS REQUIRED TO UNDERWRITE A

COOPERATIVE UNDERLYING MORTGAGE

Checklist | Cooperative Underlying Mortgage Download .pdf file

Supply the highlighted items first to obtain quotes and pricing - the rest can follow later

1a. INITIALLY, the COVER OF THE PROSPECTUS along with the “SCHEDULE A” and the most recent amendment (if any).

1b. PROSPECTUS & ALL AMENDMENTS, FLOOR PLANS, if available. Updated information on apartment configurations & combinations including any new share # allocations.

2. LAST TWO (2) YEAR'S FINANCIAL STATEMENTS and a copy of the last calendar year's management report printout.

3. LIST OF SALES DURING THE LAST THREE (3) YEARS: (Price Paid, Number of Shares, Closing Date).

4. MAINTENANCE SCHEDULE/RENT ROLL: (Should include description of apts., for example: 3br/2 bath w/ terrace). Identify which apartments are (1) owner-occupied, (2) sponsor-owned, (3) shareholder-owned but sublet, or (4) co-op-owned. Also include an aged arrears/delinquency report with explanations.

5. SPONSOR SURPLUS/SHORTFALL SCHEDULE if applicable. i.e., the rents received by the sponsor (or holder of unsold shares) vs. the maintenance he pays plus any mortgage payments Sponsor/Holder may have on his units.

6. CURRENT YEAR'S BUDGET (Note that from a Lender's perspective, co-op budgets must be balanced, (i.e., flat to slight positive). Lenders are not fond of co-op budgets that run at a deficit. Further note that while flip tax income is very real, "flip tax" is not a line item in a budget that lenders will recognize as predictable, recurring income)

7. LIST OF CAPITAL IMPROVEMENTS ALREADY COMPLETED (during the last five years) AND PLANNED FOR THE FUTURE.

8. STATUS OF J-51 TAX ABATEMENT, if applicable.

9. DETAILS of current mortgage: When due, pre-payment penalties, etc.

10. GROUND LEASE and/or COMMERCIAL LEASES, if applicable.

11. CURRENT BALANCE IN RESERVE FUND. (Provide latest Bank Statement)

12. SERVICE CONTRACTS – copies of any contracts (such as elevator repair or management, etc.) valued at $5,000/year or greater.

13. SUMMARY OF ANY CURRENT OR PENDING LITIGATION.

 
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