National Cooperative Bank enters the condo market

Real Estate Weekly, Sept 18, 2002

National Cooperative Bank announced plans to expand its residential mortgage banking operations to meet the needs of condominium and single-family homeowners through its subsidiary, NCB, FSB.

"Our expansion into the condo and single-family mortgage market is a natural exten""ion of our success ""zith co-op apartment share' loan financ""ng," said Jim Banahan, co-manager of NCB, FSB's New York residential mortgage team.

"While our focus will be primarily co-op apartment finance, we have a highly experienced team and an array of products in place to meet the needs of individuals no matter the place they choose to call home."

NCB, FSB has been active in co-op apartment finance through a retail team, which works directly with the bank's cooperative housing corporation customers, and through broker relationships.

To date in 2002, the team has provided more than $115 million worth of share loans -- co-op apartment mortgages to homebuyers across the country.

"We have a competitive set of products, whether an individual's needs are fixed or adjustable rates, conventional or jumbo loans," said Robbie Gendels, co-manager of NCB, FSB's New York residential mortgage team.

"Individuals enjoy no points and no broker fees.

In addition, we provide financing for investor and professional units, as well as artists in residence projects."

NCB also offers fast approval for co-op or condo apartment loans thanks to a robust database on co-op and condo buildings in the New York area.

"When applying for a loan for a co-op or condo, a bank not only reviews an individual's credit history, but also reviews the overall building's financial health," said Gendels.

"By having a centralized building approval process in place, in many cases, NCB, FSB can provide a quicker decision to the home buyer."