National Cooperative Bank FSB, Arlington, Va., originated $41 million in residential cooperative loans during the third quarter. This brings its total up to $118 million in new loans for 542 residential cooperative unit owners through Sept. 30.
Looking at year-to-date funding by region, NCB arranged financing totaling $63 million for cooperatives and tenant-in-common properties located on the west coast. While not traditional cooperatives, TICs share the cooperative principles when it comes to financing and other aspects of ownership, the company said.
On the East coast, NCB secured $30 million in financing for New York region cooperative shareholders and $11.5 million in new loan originations in the Washington metropolitan area. An additional $14 million of financing was originated for homeowners in other markets throughout the US.
For the first three quarters of 2010, NCB originated $109 million for 611 residential co-op unit owners nationwide.
