Bristol Capital Group is a leader in Cooperative Mortgage loans. We have strategic alliances with both Fannie Mae and Freddie Mac lenders. Collectively, we have closed and funded some 80 Coop mortgage loans in the past 15 years. Bristol is active in the Coop Community attending both National Association of Housing Cooperatives (NAHC) and Midwest Association of Housing Cooperatives (MAHC) meetings. We have taught classes on Coop mortgage refinancing annually at both of these meetings.
Bristol understands Cooperatives, including Section 236 Loans, Decoupling, Flex Loan Extensions, etc. We uniquely offer 30 year term fixed rate mortgage loans that Coops tend to gravitate towards, effectively, preserving affordability. We pay off the underlying HUD loan with new Conventional (FNMA) Funds. Loans can be funded within 60 days. We welcome working with Coop Managers and Consultants.
Coop Loan Program Highlights
- Term: 5 - 30 Year Fixed Rate - 10 Year Rate Currently +/- 5.4%
- Amortization: Typically 25 - 30 Year
- Debt Service Coverage: 1:1
- Fee to Lender: 1 Point including Bristol Fee
- Third Party Reports: Appraisal, Environmental, Property Condition
The following is requested to size a Cooperative Apartment Loan:
- Last 3 years of operating statements
- 2024 Budget
- Current Rent Roll
- Last 12 Months Rental and Other Income Cash Collections
- Year to Date Income Statement
- Capital Improvement Renovation Budget
- HAP Contracts if Section 8
- Current Mortgage Statements of the loans we are going to pay off