banks not requiring 70% sold & owner occupied

Try ING.

BNY/Mellon, or your employer.

ali r.
{downtown broker}

Why some developments with low percentage sold have "preferred lender"? If major banks see it as too much a risk, why these people want to lend you money? What's the catch?

maybe the preferred lender is on the hook for the construction loan. That would inspire a bank to help a development succeed.

Do they usually charge higher rates?

How solvent is your developer? Can they carry 80% of the apts until they are all sold in a very soft market? What if the market goes down further? There is a real reason banks don't want to finance in a building that is not 70% sold and owner occupied. Are you prepared to join the other 20% buyers to pay all the carry charges for the entire building if developer goes under or market goes down further?

apt23 - That's exactly my question: why these lenders want to be the development's prefered lender in the first place? Do they earn more by taking the risk? Do they charge a higher rate?

what building

1BBP, preferred lender: Home Owners Mortgage

Richard Meier On Prospect Park preferred lender is HOME Owners Mortgage as well. Anyone have experience with them?