Apply for a Commercial Mortgage Online! It's Quick! It's Easy!
COMMERCIAL CONSTRUCTION APARTMENT MEZZANINE APPLY NOW
Co-op financing
Call Us
800-595-1474
Satisfied Customers

"I have never seen such a quick and easy online commercial real esate loan application . . . they were able to work with me and find the best loan for my commercial project"

- Sean Knox

Whatever your financing needs,
we will tailor a loan that's right for you.

"Immediately after I filled out the App a Loan Agent contacted me with different loan scenarios ...WOW... these guys are good"

- Eric Bryant
CO-OP FINANCING

When a homeowner contemplates refinancing a mortgage, the critical calculation is whether the lower interest rate being offered will produce net savings quickly enough to justify the cost of obtaining the new loan.

And while that same consideration applies when a co-op corporation is refinancing the mortgage on its building, other factors often come into play. Among them are whether the existing mortgage carries a prepayment penalty and, if so, whether there is anything that can be done to avoid or minimize it.

There are three basic reasons for a co-op corporation to refinance," said William J. Rank, a certified public accountant in Purchase, N.Y., who specializes in co-ops and condominiums. "One would be to obtain a better rate; the second would be to borrow additional money; and the third would be because the current mortgage is nearing the end of its term."

When a co-op is created, the co-op corporation becomes the owner of the building. And in most cases, he said, a mortgage is used to pay for the purchase.

That mortgage æ called an underlying mortgage æ is for a specific amount of money lent over a specific period of time, with interest. In most cases, however, co-ops' underlying mortgages are not like 15-, 20- or 30-year "self-amortizing" residential mortgages, which are fully paid at the end of the term. Instead, Mr. Rank said, many co-ops take out 10-year interest-only mortgages, in which the entire amount borrowed is still due at the end of the term.

Other co-ops, he said, take out a "balloon" mortgage; that is, while the mortgage repayment schedule may be based on, say, a 30-year amortization schedule, the unpaid balance of the mortgage is "due and payable" in, say, 10 years. "And that balloon payment usually has to be refinanced," Mr. Rank said, adding that when this is done, he advises clients to take out a fixed-rate self-amortizing mortgage that does not have a balloon payment at the end.

In fact, if a co-op is refinancing because the term of the mortgage is about to expire æ or because it needs funds for repairs or capital improvements æ the co-op is pretty much stuck with settling for the best deal it can get at the time it needs the money. And while terms may be good now, they may not be so great a year from now.

In situations where the main reason for the refinancing is that current interest rates are favorable, it would appear the co-op would be is in a better bargaining position. After all, one might assume, the co-op can simply negotiate a new deal with its current lender or find a more reasonable source of financing.

We provide customized shopping center loan solutions for all kinds of investors nationwide. Whatever your objective- we can help you structure the loan that meets your needs.

Our success is measured by our clients' success, and our mission is to be your source for the most appropriate - and advantageous - financing solution that helps you achieve your goals.

Make us a part of your finance team. Submit your confidential loan request here for quick review, or call our executive team directly in at 1-800-595-1474.


Our Recent Commercial Loan Closings
$5,800,000- R1 construction 80% LTV, 1st of 5 Phases, Foreclosure / Takeover, Rancho Mirage, CA - 40 Day Close

$61,000,000 75% LTV 1st TD - $11,000,000 15% LTV 2nd TD (2nd TD in the form of Mezzanine Financing) 90% LTV mezzanine Loan Private Student Housing Loan, Atlanta, GA Georgia Tech

$5,675,000- 5 year Fixed @ 5.09%- 2 small strip centers- Darien, CT

$1,147,500-5 year Fixed @ 5.875%-Industrial Building- Torrance, CA

$7,500,000 - Loan 40 Acres Raw Land - $4,000,000 Purchase Price Monterey, CA - 8 Day Close

 
FILL OUT THE FORM BELOW FOR FINANCING
 

Loan Request Application

Fill out the form below or call us to discuss at 949-263-9000 or 800-595-1474:

First Name
Last Name
Company Name
City
State
Phone
Email Address
Property Type
Loan Amount
 

Commercial Mortgage Loans, a division of Ocean Pacific Capital, is a nationwide commercial mortgage portal. We do business in all 50 states. Below are some the places we do business:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho State, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming
 
 
Commercial Property Types we finance: