In many buildings, he said, sponsors hold the underlying mortgage _ at times, at interest rates far more favorable to the sponsor than to the shareholders.
32.
CMBS bonds are senior subordinated debt, meaning the bondholders are the first in line to receive their money if some of the underlying mortgages go unpaid.
33.
Here, then, are some tips for putting together the most attractive package possible when shopping for refinancing of the underlying mortgage, the mortgage on the entire building.
34.
But since the co-op building itself is owned by the co-op corporation, the corporation pays real estate taxes and interest on the underlying mortgage on the building.
35.
As title is actually transferred from seller to buyer, wraparound mortgage transactions will violate the due-on-sale clause of the underlying mortgage, if such a clause is present.
36.
This guarantee extends only to the principal and interest of the underlying mortgages; it does not guarantee that you won't lose money in a Ginnie Mae fund.
37.
It was a last-ditch effort to stave off default and get rid of an exorbitant rate of interest that the co-op was paying on the underlying mortgage.
38.
For co-ops, there are also questions concerning the building's underlying mortgage, including when it expires and the amount owed, as well as whether loan payments are current.
39.
Over the last 10 years or so, hundreds of co-op boards, seeking to refinance the underlying mortgages for their buildings, have found themselves faced with such a scenario.
40.
Besides being sought out for their architecture, the buildings are financially healthy, according to Scott : there is a $ 700, 000 reserve fund and no underlying mortgage.
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