Finance
In Alaska, a 'cooperative apartment' (co-op) financing differs from condominium financing because co-op buyers:
AObtain a traditional mortgage secured by real estate
BObtain a 'share loan' secured by their cooperative shares, not a mortgage on real property✓ Correct
CCannot obtain financing for co-op purchases
DMust pay cash for co-op purchases
Explanation
Since co-op owners don't hold title to real property (they own shares in the corporation), they obtain 'share loans' rather than traditional real estate mortgages. Share loans are secured by the cooperative shares and proprietary lease, not by real estate. Lenders treat them differently than conventional mortgages.
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