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Legitimate offer of FC and SS Bank Guarantee (BG) and Standby Letter of Credit (SBLC) alongside a number of other Bank Instruments specifically for Lease with the option of sale optionally available from a certified financial group. We deliver cautios of the time line required for the completion of transactions and other intermediaries are welcome to deal. Other financial instruments such as MTN, CD, DLC, PB are also available.
Kindly contact me for serious enquiries via email or on Skype.
All of this is really helpful insight. Thank you so much you guys are such a wonderful resource!
I may be able to help. My bank can lend on unwarrantable condo's & co-op's.
James Giacalone, Mortgage Banker NMLS# 482256
The Federal Savings Bank | 120 Broadway, 29th Floor, Suite #2950 | New York, NY 10271 | USA
direct: (646) 568-3644
If you have the offering plan and one set of recent financials you're not in terrible shape. I can name you three fancy Manhattan managing agents that would take six weeks to produce master certs of insurance, so having to chase building documentation is a problem that lenders are definitely used to dealing with.
The next question is "where are the 2012 financials"? If previous financials exist but current ones don't, does that mean that the building's treasurer retired or moved out? That might be a red flag to me.
But again, if they simply haven't been drawn up, that's not the biggest task in the world.
1. that owner occupancy isue is largely the result of vestigial thinking and memory
2. it mattered in the real estate meltdown of the late 1980's to mid-1990's because
large numbers of Coop Sponsors went bankrupt owning 50-80% of their Coops after
encumbering theie Coops with unsustainable mortgages which resulted in increased
maintenance charges such Sponsors coukd not pay because the apartments they had
retained were occupied by low rent rent-stabilized or rent-controlled tenants
3. things are different today: what matters in economic terms is whether the remain-
ing Sponsor apartments make or lose money on a monthly operating basis
4. if they do - and I believe that in most instances the Sponsor blocs do - their con-
tinued ownership by a sponsor does not present an economic threat to a Coop or to
its ability to service its underlying mortgage, current or new, as long as the Sponsor's
positive cash flow is stable and unlikely to reverse
I was at an event last night and Wells Fargo had a presentation about foreign national lending. Two key phrases were used - 1) Qualifying Mortgage, and 2) Ability to Repay.
Essentially, they want 40% down, an investigation into work history (letter from employer, etc.), and a nice chunk of change in the bank. Self-employment makes things a bit more difficult though.
Bank of Internet is actually strong in this space but I believe they are capped at 50% LTV
im in a similar situation , can you recommend a good agency for buying and renting condoa for overseas investors .
p.s. nmls# 60631
Maria Barley. Inaccurate. I have a social but no green card and have had a number of mortgages. I cannot assist further since I do have a visa, verifiable W-2s etc...
Barclays and HSBC Wealth worth a look
LOL just saw this.....still offering the best rates....631-316-7272 , try me, I will earn your business.
no way GB = fieldschester. I'd lose so much respect for fields.
>And no, I'm not apt23, but I do have another name on the board too.
I'm sure your doctor is pleased
I guess that a lot of the major lenders have gotten out of the interest only loan business. I had a client that was looking to get one of these loans and was told by CITI and Wells that they were requiring an ungodly amount of post closing liquidity. They ended up going with Jim McPartland at Bank of America, who only required 24 months of principal, interest, and maintenance in reserves. The deal closed in 35 days…. I guess Bank of America is back in the mortgage business in New York (shockingly). I would highly recommend Jim McPartland and his team.
I agree w/ rb345 about debt per unit, range depending on value of units. Rates for building mortgages tend to be 100 to 200 bps higher than for individuals. Players in the space include NY Community Bank, National Cooperative Bank, Emigrant, Recap, and First Funding. Meridian Capital is a broker.
Washington Heights (Cabrini), apartments range from $500 to $650 a square foot
Crescent - 10%, really?
1. where is the building, and what are its apartments worth
2. $25,000 to $50,000/unit is most likely very reasonable
National Cooperative Bank (http://www.ncb.coop) probably does more than any other single bank.
Ours is with New York Commercial Bank. We're on our third CEMA, all three with different banks.
Wheretobegin, aside from HDFCs, the maximum home price you can afford on your income (assuming you already have at least a $25,000 down payment and at least $10,000 in post-closing liquidity) would be in the $120,000 range. And for Manhattan or Brooklyn, that IS a down payment.
Wheretobegin, the only way you can get started this early is if you look at HDFCs -- units under the stewardship of the Housing Development Fund Corporation. These are typically in undesirable neighborhoods, so if you're looking to have kids early in life, the school districts you'll likely be in might not be for you. *But* they fit your income and might just meet your housing needs for the next decade or so while enabling you to save lots of money toward your next, "real", purchase.
HDFC units typically require an income of less than slightly above the median for the area, so if (for example) the median income in a neighborhood is $50,000 and the limit is 120%, you need to earn $60,000 or less to buy there.
HDFC units also require a lot more due diligence than a regular unregulated apartment, and can have severe restrictions when you sell, such as turning over a percentage of any profit to the co-op, or even turning over a percentage of the sales price -- whether a gain for you or a loss -- to the co-op.
Be careful, but keep HDFCs on your radar. It's one of the few ways for regular people to afford housing in the city.
The first line in my last post was directed at KrCloser212's advertising. I respond to wheretobegin's OP beginning with: "wheretobegin,"
Sorry if that wasn't clear.
Sonya? Why the douche response? Is this not a RE question?
Kid, go get laid. Buy in a few years.
To support Superlun's post, I can relay personal experience with Wells Fargo.
Particularly around this time of year, they may spring a "we want to look at your 2013 returns" after they've only asked for, and you provided, 2011 and 2012.
This happened to me.
Essentially dictating how fast to make my accountant prepare all my returns.
Well before april which was ludicrous.
Then they came back with asking for balance sheets.
I lost patience and threatened to walk on the mortgage resulting in them giving up the request.
Of course, not everyone is in a position to choose to buy with or without a mortgage and it was still quite stressful.
I have heard similar issues with wells, they are just tough in general.
I got 3.875% jumbo fixed 30 years , process was so smoth and easy . i would look at smaller lenders trying to get a footprint in the industry. They can close quicker and turn things over smoother....
I have a greta guy, he has closed all of my friends and family.
Has anyone used this company or know anything about them?
thank you flutistic. i was looking at another property, a coop in the city as well, but it requires "strange" terms. i contacted sammy hong and he answered my questions - very helpful guy.
Only if you promise to see a lawyer first somenooblie! We don't want to hear from you in Sing Sing!
Suzanne Bach (firstname.lastname@example.org). 917/940-0561 from above (scroll up)
actually the due diligence, our lawyer's research on the property, turned out so scary that we bailed. But we will be back with another property some day ;)
She works with savings and loan banks as well, which is excellent
Forget Rob Ford, Canada is chock full of scandal
By Diane Francis
November 23, 2013 | 10:48am
Toronto’s crack-smoking Mayor Rob Ford is the most famous Canadian in the world. The Charlie Sheen of politics opens his mouth simply to change feet.
He’s certainly worked over the Canadian brand, which isn’t all bad.
Americans think that Canadians are boring, nice and polite folks who apologize to machinery. In a way, it’s gratifying to be noticed for something other than the weather.
But if Americans think Ford is an anomaly, they’re giving Canada way too much credit. In truth, the country is awash in scandal.
Most unnerving is Quebec, Canada’s Tammany Hall. Since 2011, a government commission has been investigating the awarding and management of public contracts. Its findings have led to the resignation in 2012 of the mayor of Canada’s second-largest city, Montreal; the arrest in 2013 of his replacement; the arrest in 2013 of nearby Laval’s mayor for “gangsterism” and criminal charges against two more small-town mayors.
In addition, Quebec’s anti-corruption squad has arrested 49 people and laid criminal charges against 13 companies.
“Acts of collusion and corruption exist everywhere in Quebec — in every region. Our investigations are proving this to us,” said Robert Lafreniere, head of the squad.
There are 20 more ongoing investigations outside the construction industry, he added, involving contracts for computer technology and work related to an ambitious scheme to develop mining, tourism and infrastructure in the province’s far north.
In the province next door, the Ontario Provincial Police anti-rackets squad recently scoured the premier’s office. Its probe concerns the circumstances surrounding the cancellation of two gas plants in 2011 on the eve of an election at a cost to taxpayers of $1 billion.
In London, Ontario, another mayor has refused to quit despite the fact that he has been charged with fraud and faces a trial soon on allegations that he used taxpayer money to help pay for his son’s wedding reception in June 2005.
A more king-sized violation in Quebec involves public official Arthur Porter and two executives of SNC-Lavalin, who were arrested this year for fraud involving the $2.3 billion contract to build the McGill University Health Center.
Porter, who is now in Panama fighting extradition, was also charged with conspiracy and money laundering.
Leader of the Liberal Party of Canada Justin Trudeau admitted to smoking weed while serving in parliament
Photo: Jim Watson/AFP/Getty Images
Another eyebrow raiser was the fact that Porter had been appointed in 2008 by Prime Minister Stephen Harper to be chair of the oversight committee of the country’s CIA, called the Canadian Security Intelligence Service. In 2011, he resigned under a cloud following revelations leaked to the press about his questionable business dealings around the world. His associates include an arms dealer who was arrested for trying to sell planes to Iran.
In more recent days, a controversy has arisen that may become Canada’s Watergate. At the center is the Canadian Senate, whose 105 members are political appointments given high-paying jobs until age 75. The institution is a throwback from Britain’s House of Lords and an undemocratic patronage dump for friends, partisans and bagmen.
In the past year, four senators have been pushed out of their jobs for claiming travel and housing expenses for which they were ineligible — in one case, charging for meals he ate at home. One resigned and three have been suspended without pay. Another faces sexual-assault charges and two are under investigation for fraud.
This week, Senate shenanigans reached into the prime minister’s office after police accused one of the senators, and the prime minister’s former chief of staff, of bribery, fraud and breach of trust. None of the allegations have been proven in court nor have criminal charges been laid. But Canada is in a tizzy, and there’s speculation as to whether the prime minister himself will be implicated.
With such serious charges floating around, it’s hard to get exorcised about Rob Ford. He’s never been accused of malfeasance, and Canada isn’t a country that’s exactly declared war on drugs.
For instance, in the midst of the Ford flap, newbie Liberal leader Justin Trudeau stumbled into admitting he smoked weed a few times while serving in Parliament.
So, the next time your Canadian cousins get smug about their superior culture, kindness and hockey, remind them that politicians behaving badly isn’t unique to the US. (And let’s be honest, Canadians aren’t really that much nicer — they’re just better at keeping nasty comments to themselves).
Canada gets just as dirty — so stay tuned and hold into your tuques.
Diane Francis is a dual citizen of the US and Canada and author of “Merger of the Century: Why Canada and America Should Become One Country” (Harper).
So having a hard time getting financing. Everything is fine and then always run into the, "well you don't have a long enough credit history." The thing aboot that is that it is the one thing I can't control. I am sorry I have not existed for more than a year or applied for a bunch of department card store cards or actually used credit, i.e. accumulated debt. So WTF?!
Nowadays every individual want to have his/ her own house. Living in a rented property is indeed very frustrating. In a rented house you are not allowed to changes on your own.My friend who work as a [url=http://www.kevinbradleyrealtor.com/]realtor Georgetown ky[/url] says no landlord likes to have its property undergone changes.
so your wife is into that
Comez on. When u come last?
She likes whateverzzz I do. One finger two finger three finger. You get the idea.
I think someone mentioned it already but it is more the individual than the bank. I always said that you can go to 2 different mortgage bankers at the same bank and get 2 different results. There are many moving parts in the loan process so talk to the mortgage banker and have them explain a step by step timeline and they should give you updates as certain things get accomplished. A clear to close in 30 days is certainly feasible. And remember, it also takes the buyer's cooperation in getting documents in asap when needed. Avoid a banker who is going to just start the process and then pass it off to someone else to finish. Make sure they will be your point of contact from start to close. Sunny.email@example.com NMLSR 483661
I second Flarf, David is pretty amazing. renewed my faith with BofA (whom I previously thought should be avoided). The point is that it is the person you are dealing with at the Bank, don't under estimate this. Do not just walk into Chase etc and ask to see a mortgage specialist, you MUST have a solid recommendation. The banker you deal with will either make it a bearable experience or absolutely have you pulling your hair out!!
In the past I made no referrals (you know what they say about taking a referral from your RE broker :) Now we have a team of some of the best; architects, bankers, contractors, engineers, attorney's etc.
the burkhardt group
Anthony Sherman first republic. 2 week close. Not a ton of paperwork. Best bank ever.
Actually, it was MELLON who took over BoNY. Get your facts straight.
Ethana, I do not see much value in this deal you're being offered. In reality, you're only really saving roughly $1,100 annually in interest. In return, you'll be required to do quite a bit of paperwork over the next 45-60 days and remove $32,000 from your personal liquidity.
Your closing costs on this refi would be roughly $5,000-7,000 so you need to confirm that they are indeed paying for ALL of your closing costs, or just the bank's portion.
I'm not suggesting you do this as I don't think it's a good use of funds nor do I know enough about your situation, but you can recreate most of the savings they're touting by simply calling your current bank's customer service and telling them you want to pay down $31K and you want the loan "recast" with the payment. This will lower your payments somewhat and save you the hassle of refinancing now for such little value.
Finally, I would evaluate your current situation and how long you envision staying in your current home. That could play into what product you choose as a 30 year fixed might not necessarily be the right fit given your plans.
Instead of the credit, ask the lender to pay a point for you. Would bring the rate to ~4% and save you another $109 a month. Brings your return (using crescent's math) to 9.8%. Not too shabby.
Another option is to ask the lender to give you the conforming rate at the current loan balance. You already have significant equity and it is an insignificant amount to them. Should be an easy thing for the bank to do.
How about on a billion dollars? Howz about on a $150b? Nah let's not refinance honey. Go back to bed.
It's not worth it unless there is at least 1 percent difference in rates.
Assuming the numbers are accurate (but brought into question by E24, and I couldn't replicate the current payment with guesses on the original loan size), you are paying $32,000 to save $218 a month or $2000 a year once you discount the monthly savings by 20% for the interest deduction you are losing. That's a return of 6.5%. There are worse things.
six seven--i shoulda believed--gtat dipped, popped to 10.50--i sold and was happy to be out--now look.
next call pls.
Alan - big fan of Jane Fonda, I assume?
Cat Ballou, Cat Ball-ou-ou-ou
She's mean and evil through and through
That link didn't link to cat sex. I'm pissed.
Seems like you two might get along. I'll make it easy for others on the board who might be curious: http://blog.irocke.com/moonalice-moontunes/
I have some portfolio lenders and some small banks.
E.S. Funding Co.
Licensed mortgage broker since 1990
Licensed real estate broker since 1987
lol we had the same issue in 2008 chase wouldn't mortgage on 2 out of 8 apartments for a combination.....had to arrange through citi.
here we are in 2012 want to join another studio in the building.....citi no longer doing combinations and we had to go to chase who had changed their mind and now doing them......
lol enough to drive you crazy.
I've handled quite a few small cooperative loans both for shareholders as well as for the entire cooperative. Check out the article from nytimes.
Mortgage Loan Originator
Mortgage Master Inc.
135 West 50th Street, 18th floor
New York, NY 10019
NMLS ID: 66099
How large is the commercial unit?
E.S. Funding Co.
Licensed Mortgage Broker since 1990
Licensed Real Estate Broker since 1987
Anyone know what type of financing someone can get for a mixed used property (described below)?
- 4 Residential Units + Commercial Unit
- Located in the Bronx
What is the most a lender would lend? LTV?
What type of products are available? Anything without a penalty to pay down?
1) As long as you qulaify it should be pretty easy to get a Heloc. Probably in the 50-65% LTV Range
2) It would be an investment property, but well worth the additional cost.
Would be happy to look at the transaction either way. Feel free to reach out.
First Republic Bank
We own our one bedroom coop (~65% LTV) and are looking to buy the studio next door to eventually combine the units. In the interim, we would plan to fix the place up and rent it out for a year or two (no board approval issues here). Purchase price for the studio is $700k or slightly less. Two lines of inquiry:
1. If we fund the purchase price in cash, will it be easy for us to get a HELOC on the new unit to fund improvements and have additional liquidity, since it's not 2nd in line behind a primary mortgage? How much equity could we reasonably pull out? What banks offer HELOCs on coops?
2. Alternatively, would we be able to get a mortgage to help fund the purchase of the unit? It would not be a primary residence or second home (since it's next door) so would perhaps need to classify it as an investment property.
I asked Chase, who holds the mortgage on the one bedroom, and their only real option was to refinance the whole unit as a combined 2-3 bedroom apartment and take out a new mortgage on the combined unit. We're not ready for that yet and don't want to give up the extremely low rate we locked when we refi'd in May. I assume there have to be other financing options here given that we'd be willing to put a very significant down payment or fully fund for closing if needed as long as we could draw on the equity in the new unit soon thereafter.
Somewhat common yet often not discussed is an unrecognized loan. LTV after completion will really come into play. Or an unsecured loan depending on your balance sheet.
Feel free to reach out. I would be happy to discuss.
First Republic Bank
3 degrees, managing partner, you own 50%. Sweet.
He has three degrees.
Hubby has 3 degrees, undergrad, masters from C0lumbia and JD from C0lumbia?
No, I make no claim on his useless masters from Columbia. He obtained that before I met him.
You call Citibank alternative financing? Really?
How much is the unit?
Does the bank include flip tax (if your paying it) in the transfer tax?
Does the bank gross up the transfer tax (all of them) so they are safe with their disclosures?
The bank is required to disclose any "possible" fees associated with your co-op purchase.The mortgage banker should have advised you of this. The bank will follow whatever the is written in the purchase contract.
GFE is designed to overestimate your costs. Everything is in response to the subprime crisis. If they do not list it on the GFE, they cannot collect it from you (the bank will be responsible). Therefore anything that you could possibly pay is listed on the GFE and your final costs will likely be less. With transfer tasks, it should be easy to figure out if you or seller has to pay it.
Ah got it. I will check with my attorney. Thanks for the help.
Just seems like a weird practice to put that in the GFE when in general you wouldn't pay it
It gets listed as your expense for some reason on the banks GFE, but is most likely being paid by the seller. For some reason this is how the banks write the estimates. Just check with your attorney to confirm who is paying.
Looking to get cash out of fully paid off condo (investment property) in Brooklyn. Any lenders I should try? (contact details would be greatly appreciated).