Patrick Niland, President
35+ Years in Business
Boards need to develop budgets that not only recognize the effect of inflation on all operating expenses but also include meaningful allocations for future repairs and improvements. This new, forward-thinking operating approach may move some boards to refinance their underlying mortgage or seek condominium financing to put their properties on a firmer financial foundation and lock in today’s low rates.
National Cooperative Bank
Harley Seligman, Senior Vice President
44 Years in Business
We see a growing need for capital for housing co-ops and condos as infrastructure repairs, local laws and other requirements are instituted in New York to ensure the safety of the housing stock. As buildings continue to age, the repairs can’t get pushed off. The need for competitive lending programs is critical.
Winter & Company Commercial Real Estate Finance
Gregg Winter, Owner and President
22 Years in Business
The regulatory environment for co-ops and condominiums just keeps getting more complex. The existential challenge for boards is to not allow “the perfect decision to be the enemy of the good.” Spend adequate time to interview and choose good professionals, and then allow them to provide high-quality advice.