What is a construction loan?
A construction loan is a short term loan for funding the cost of construction. The lender advances funds to the building as the work progresses. Return to Top What is a share loan? Depending on where you live, you may know a share loan as a co-op mortgage, co-op apartment loan, or end-unit financing. A share loan is similar to a home mortgage. The difference is the collateral. The collateral for a single-family or condominium mortgage is the fee simple real estate. In a housing cooperative, the collateral is the cooperative “share” interest (certificate of membership or corporate shares). This cooperative interest gives you an exclusive right to occupy a particular dwelling unit in perpetuity (occupancy agreement or proprietary lease). Return to Top What is cash-out refinancing? Cash-out refinancing is to co-op apartment residents what a home equity loan is to single family homeowners.
