NCB launching new home loan program

Real Estate Weekly, March 1, 2000

Over the past two decades, National Cooperative Bank (NCB) has carved its name in the underlying mortgage industry as one of the leading originators of mortgages for cooperative housing corporations throughout the New York Metropolitan area. Today, NCB is taking a major step forward by making its foray into the individual home mortgage arena. NCB's new loan program has no brokerage fees and no points, provides cash-out re-financing - a service most traditional banks do not offer - and financing for investor-owned units.

Spearheading the new program is share loan officer Robbie Gendels, a real estate industry expert with over 20 years of experience and a former mortgage consultant at Winter & Company. Her exceptional track record in the real estate financing arena, and especially in complex financial structuring, is not only complementary to NCB's existing business and client base, but also serves to add a critical component to the firm's growth strategy.

"Since our establishment in 1978, we have been strong believers in providing our clients with the best possible information and service, enabling them to make well-informed decisions that will maximize the stability of their investments," noted Edward Howe III, managing director of NCB's New York operations. "We are extremely pleased that now we will be able to provide the same high-quality service and products we are recognized for to individual apartment owners.

The new loan program is one of the very few which offers loans to individuals looking to buy a small studio apartment, or first-time buyers with non-traditional credit histories that more mainstream institutions tend to shy away from.

National Cooperative Bank was chartered by Congress in 1978 and restructured in 1981 as a private financial services company owned by its borrowers. Headquartered in Washington, D.C., the bank provides financial products and services to cooperatively-structured enterprises throughout the United States.