What is a bulk unsold share loan?
A bulk unsold share loan is exactly like a single share loan. It is a loan to an individual secured by the cooperative interests (assignment of stock and proprietary leases to unsold units). Unsold shares are those co-op apartment units that a developer or investor has not yet sold to individuals. In special cases, NCB will provide bulk unsold share loans for the acquisition of units or for the refinancing of existing units in order to promote the sale of the unsold shares to individuals and enhance the financial foundation of the housing cooperative. Return to Top What is a commercial mortgage? A commercial mortgage is a legal document that pledges commercial property to the lender as security for the payment of a loan or debt. Return to Top What is a community association loan? A community association loan is a loan to the entire association to fund capital improvement repairs. The loan eliminates the need to incur a one-time large special assessment on residents or deplete associati
