The following list of lenders have provided loans for VNNC Inc. Cooperative Owners/Shareholders. This list is provided for informational purposes only. This information is not guaranteed and loan officers leave without advising our office. The following Lenders have agreed to use VNNC Inc’s form(s) of Recognition Agreement.
List updated: July 23, 2015.
Bank of America, N.A.
Carolyn Tabb 301-634-4470 or cell: 301-254-9877
David Lumb NMLS# 482299 301-634-4506 or cell 202-253-2180
Branch Banking and Trust Company
Joseph Giampetroni 301-590-2381 or cell: 301-509-6905
Kari Elwood 301-493-8361 or cell: 301-767-6354
Steven Jacobs 301-493-8235 or cell: 202-491-7601
Bart McKenzie 703-841-5045
Deborah Densford-Sloan 301-469-0393 or cell: 301-922-9391
Rom Caplett 571-291-5477
JP Morgan, Chase Home Mortgage
No contact information
National Capital Bank
Laurie Cody 202-546-8000, ext. #6113
Paul R. Hornyak (240)-406-1150 and cell (703) 622-6922
Ryan Greer 866-622-6446, ext. #6012; 937-840-6012 and 202-349-7455 (Local)
PNC Mortgage, a division of PNC Bank, N.A.
Cam Carson-Wagnon 703-577-8175 (Cell)
Chip Dodson, Jr. 301-962-4649 or cell: 301-404-7590
John Asher 301-656-0705 or cell: 301-529-4925
Prosperity Home Mortgage Co.
Ryan Dailey 301-580-8236
Addie Gill 202-339-9218
Jonathan Okun 202-243-2931
TD Bank, NA
Mark Richards (202)-537-3552
United Nations Federal Credit Union
Albana Collaku 202-463-1452, (cell) 703-615-7917
Wells Fargo Bank, N.A
Thomas Schultz 703-966-0669
William “Billy” Kingberg 202-596-8904
Bryan Moran (703) 476-3004 and cell: (703) 203-7394
Art Garza (202) 306-3268
James M. Semeyn (202) 251-1307
Kevin Burke (617) 897-3490
Phil Grisdela NMLS#497335 (703) 801-2152
As a practical matter, ownership of a cooperative apartment is substantially similar to ownership of a condominium, even though there are legal differences between the two. Real estate taxes and interest paid on mortgages, for example, are deductible from federal and DC income taxes to the same extent for both cooperatives and condominiums. One difference, however, lies in the financing of a cooperative purchase. In a condominium, the owner purchases the apartment unit itself, and can finance the purchase with a mortgage in the same way that a single family house is financed. In a cooperative, by contrast, a corporation owns all of the building and grounds, and the purchaser actually is buying shares of stock in the corporation rather than the apartment unit.
There are two sources of financing in the purchase of a cooperative: the master mortgage for which the corporation is responsible and the secondary mortgage, if any, for which the individual purchaser is responsible. When a cooperative is first created, either by developing a new building or by converting a rental property to cooperative status, the cooperative corporation ordinarily takes out a mortgage – a “master” mortgage – on the entire property. A purchaser of the cooperative (i.e., shares of stock in the cooperative corporation) thus assumes the obligation to pay the pro rata portion of the master mortgage during the time the purchaser owns the cooperative’s stock; and the monthly fee paid to the cooperative includes principal and interest related to the master mortgage. At Van Ness North, the existing master mortgage is scheduled to be paid off in June 2016.
In contrast to the master mortgage, a secondary mortgage covers only the particular shares of stock being purchased in a transaction, and must be obtained by the purchaser directly from an approved mortgage lender through a process similar to obtaining a conventional mortgage for a condominium or single family house. Because of the legal differences between a cooperative and a condominium, not all mortgage lenders are able to offer secondary financing for cooperative stock. Instead, lenders must enter into an agreement with the cooperative corporation in order to be qualified to provide financing for prospective purchasers of a cooperative. Recognized lenders at Van Ness North (see the inset for names and contact information) include a number of major lending institutions which offer purchaser a variety of loan types, from adjustable rate mortgages to seven and ten year balloon mortgages to the traditional fifteen and thirty year loans.
A final point to be mentioned is the difference between the contract price in the purchase of a cooperative compared to a condominium. In the case of a condominium purchase (or a single family house), the individual purchaser is responsible for payment of the entire contract purchase price at the closing, including arranging for any necessary financing. In the case of a cooperative, however, the individual purchaser is responsible for paying at the closing (and financing, if necessary) only the amount of the contract purchase price that exceeds the seller’s share of the master mortgage held by the cooperative corporation. For example, if the contract price for a cooperative is $250,000 and the portion of the master mortgage held by the corporation applicable to the seller’s stock shares is $50,000, the purchaser is responsible for paying at the closing only the remaining $200,000, i.e., the difference between the contract price and the amount of the pre-existing master mortgage. The remaining $50,000 will be retired as part of the purchaser’s monthly fees paid to the cooperative.
Current Financing at Van Ness North
Financial institutions establish agreements with V.N.N.C., Inc. and offer a wide variety of loan types, from adjustable rate mortgages to seven and ten year balloon mortgages to the traditional fifteen and thirty year loan.
A list of currently recognized lenders along with contact names and telephone numbers can be found in the box elsewhere on this page.