Video Transcript:
Many Florida homes look the same on the outside, but they are not. With a co-op, you are not buying your apartment; you are buying shares. I am David Ghazaryan. Because you buy company shares, not property, you need a special share loan. My work is structuring these deals for board approval. Lenders see big risks, making these loans hard to get. If you stop paying, the co-op board can reject the bank's new buyer, causing problems. This power means boards set their own strict rules for money. Forget small down payments; they often demand twenty, thirty, or even fifty percent cash. The added risk and local complexity mean fewer banks will offer these loans. This usually leads to higher interest rates and requires a very special contract. The entire approval system, from the invasive board interview to key questions for lenders, is detailed in my article. You can find the links below.
Read Blog Here: https://www.iqratemortgages.com/blog/financing-a-co-op-in-palm-beach--boca-raton-florida
