When most people think of co-ops, they immediately think of New York City. And while NYC remains the epicenter of co-op housing, opportunities exist in other markets, and so do financing challenges. Recently, we successfully closed a non-QM co-op purchase in Las Vegas, Nevada.
Deal Overview
- Location: Las Vegas, Nevada
- Property Type: Co-Op (Sponsor Unit)
- Purchase Price: $240,000
- Down Payment: 40%
- Loan Type: Non-QM No-Income Loan
The Challenge
Co-op financing is already more complex than conventional real estate, but this scenario had multiple layers:
- The borrower was self-employed
- There was no verifiable income to qualify conventionally
- Co-ops typically require board approval, which often includes:
- Financial disclosures
- Income verification
- Post-closing liquidity requirements
This raises a critical question: Even if financing is approved… how does a borrower pass the co-op board?
The Solution: Sponsor Unit Advantage
This transaction worked because the unit was a sponsor unit. That changes everything.
- No board approval required
- No financial interview process
- No traditional income scrutiny from a co-op board
This allowed us to:
- Structure a no-income non-QM loan
- Eliminate the biggest obstacle in co-op transactions
- Close efficiently without unnecessary delays
Nationwide Co-Op Financing
Even though our brand is Coops.nyc, our reach is national.
- Co-ops may be less common outside New York
- But in markets where they exist, we finance them
From New York to Nevada and beyond, we provide financing solutions to each transaction. Connect with our team and let’s structure the deal the right way from the start.
