NYC Apt Combo Financing

Hello! We are beginning the process of going into contract to buy our neighbor's apartment, which we will combine with ours. I generally understand the financial structure of how this will work, but I do now know WHO can provide that type of financing. I have spoken to one mortgage lender who does this type of thing (William Raveis Mortgage) and a couple banks who either do not or the person I... [more]

Hello! We are beginning the process of going into contract to buy our neighbor's apartment, which we will combine with ours. I generally understand the financial structure of how this will work, but I do now know WHO can provide that type of financing. I have spoken to one mortgage lender who does this type of thing (William Raveis Mortgage) and a couple banks who either do not or the person I spoke with was generally useless (Chase and PNC). We will likely get a mortgage broker, but we would like to go down multiple avenues at once to have options. Does anyone have any lenders who they know will finance a unit combination? It would need to refinance our existing mortgage and unify it with the new money borrowed for the purchase of the new space so the mortgage is against the entire new space. We would also like to be able to include funding for the combo construction- at minimum tap into our equity, but ideally more for a more complete reno. The total would be less than the NYC jumbo mortgage size. Thank you! [less]