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Cooperative Apartment Financing

Arbor’s Cooperative Apartment Financing program provides blanket mortgage financing for cooperative multifamily housing.

Loan Amount $1,000,000 minimum – $75,000,000 maximum.
Loan Term Up to 30 years.
Amortization Up to 30 years.
Minimum DSCR 1.0 for cooperative; 1.55 as market rental project.
Maximum LTV 55%
Rate Structure Fixed and adjustable rate options available.
Eligible Properties Cooperative projects, minimum five units.
Eligible Borrower Single Asset Cooperative Corporations.
Market Acceptance Property must be located in an area evidencing strong market acceptance of cooperative housing.
Occupancy Requirement 85% physical occupancy and 70% economic occupancy for 90 days prior to commitment date.
Tax & Insurance Escrows Monthly deposits required.
Replacement Reserve Underwritten at a minimum $250 per unit per annum.
Recourse Non-recourse with standard exceptions for fraud and misrepresentation.
Commercial Space Eligible
Required Reports Appraisal (to determine value as a rental project), Property Condition Assessment, Phase I Environmental.
Prepayment Yield Maintenance.
Subordinate Financing Available through Fannie Mae Supplemental Loan Program.
Pricing Tiered Pricing Matrix. More favorable terms available for higher DSC and lower LTV.
Rate Lock Standard 10-day rate lock period.
Application Deposit $12,500. Covers all estimated underwriting costs (including processing fee).
Processing Fee $3,000 non-refundable.
Origination Fee Minimum 1%. Par pricing available.
Legal/Closing Fee Arbor’s Counsel Fee to be determined at application.
Good Faith Deposit 2% of loan amount, due at rate lock, refundable post-closing.


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