Loan options with Co-ops

[Gabriel Hidalgo]

I am currently about to inherit an apartment in a co-op. The apartment is currently vacant and I am looking forward to remodel the apartment. The only issue here is that I don't have the necessary funds needed to complete the full renovation as I would like. I also do not want to rent out the apartment as is. I was thinking of obtaining a home equity line of credit to complete this project, however, I'm not sure if that would be an option. I say this because when owning a co-op you technically do not own the apartment, you rather have shares on this apartment and are given a proprietary lease. In my case the apartment is paid in full and I will have 100% ownership of those shares. I was wondering if there would be any other options in which I may be able to obtain a loan using the value of these shares to increase the value on this property ?