What is a cooperative loan?

A cooperative loan is a type of mortgage loan that is secured by cooperative shares instead of a traditional property title. It is typically used to finance the purchase of a co-op unit (a property owned by a cooperative housing corporation).

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How It Works

1. Instead of buying a physical property, you buy shares in a cooperative corporation.

2. These shares give you the right to occupy a specific unit in the co-op building.

3. The loan is secured by your shares and a proprietary lease, not a deed.

4. The co-op board must approve the buyer before the loan is granted.