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Greenthal subsidiary offers residential mortgage loans.

Attractive, long-term, fixed rate first mortgage loans will now be available to a significantly higher number of cooperative corporations in the tri-state area through The Cooperative Capital Group, a subsidiary of the Charles H. Greenthal Group, a full-service Manhattan real estate firm.

Through an exclusive cooperative correspondent arrangement. with PW Funding, a nationwide mortgage banker which was a former subsidiary of Paine Webber, and one of the largest Fannie Mae DUS lenders in the country, Cooperative Capital Group can obtain which are, at present, offered only loans which are, at present, offered only to the most economically-secure cooperatives in premier locations.

"In today's difficult credit environment, this program will provide greater financing opportunities for economically-secure co-operatives throughout the metropolitan area," said Ronald Cypers, managing director of Cooperative Capital Group.

"In most cases, extremely high presale requirements were necessary before any institution would even consider financing a cooperative," he said.

Cypers indicates that seven, 10 and 15 year, fixed-rate loans are available to cooperative corporations with only a 70 percent presale requirement. Cypers further explains that in instances where units are being held by a sponsor, that rents on these units must exceed the maintenance payments.

The Cooperative Capital Group, located within the new Greenthal offices at Four Park Avenue, has already originated well over $40 million of underlying financing in the last four months and anticipates more than $75 million in new originations this year.
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Title Annotation:Building Management, Section II; Cooperative Capital Group, Charles H. Greenthal Group
Publication:Real Estate Weekly
Date:Mar 25, 1992
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