Our specialty is exclusively in financing cooperative apartments throughout New York State, especially complex, non-warrantable co-ops that many lenders won’t touch. This recently closed transaction is a perfect example of how creative underwriting and deep co-op expertise can make the impossible possible.
The Scenario
Our client owned a non-warrantable cooperative apartment in New York City and wanted to complete a large cash-out refinance. The challenge?
Most lenders impose strict caps on cash-out proceeds, require long seasoning periods, or struggle with non-warrantable co-op guidelines. None of those obstacles stopped this deal.
The Solution
We structured a $1,500,000 cash-out refinance with no cash-in-hand cap, allowing the borrower to access their equity fully. To efficiently and responsibly qualify the borrower, we used a combination of asset depletion and self-employment income, a powerful strategy for high-net-worth borrowers with complex income profiles.
In a unique twist, the cash-out proceeds themselves were also used as an asset within the asset-depletion calculation, strengthening the overall qualification profile and accelerating approval.
Loan Highlights
- $1,500,000 cash-out refinance on a non-warrantable NYC co-op
- All cash-out allowed — no limits on cash in hand
- Asset depletion + self-employment income used to qualify
- Cash-out proceeds are counted as assets in the qualification
- Only one appraisal required
- From pre-approval to clear-to-close in just 19 days
If you own a co-op, especially a non-warrantable one, and need purchase, refinance, or cash-out financing anywhere in New York State, working with a co-op-only mortgage specialist can make all the difference. Contact us.
