Skip Navigation
StreetEasy

Loan for Renovation

Started by 300_mercer
almost 16 years ago
Posts: 10577
Member since: Feb 2007
Discussion about
I am thinking of buying a raw loft space with 25-30% down in a coop and want to spend $400-$500k for renovation. Does any one know if the renovation amount can be financed in the current market environment? What type of interest will the banks charge. Assume home equity loan will not be possible due to coop restrictions. Thanks.
Response by nyc10023
almost 16 years ago
Posts: 7614
Member since: Nov 2008

Sure, but it's going to be a personal loan and it will depend on the relationship you have with the banks. If you have a private banking relationship and major assets, then you could conceivably get a loan at 5% but if you did have major assets why would you need a loan to renovate?

Ignored comment. Unhide
Response by NYCMatt
almost 16 years ago
Posts: 7523
Member since: May 2009

"if you did have major assets why would you need a loan to renovate?"

If those "major assets" were only in the form of equity in the apartment.

Ignored comment. Unhide

Add Your Comment

Most popular

  1. Mamdani and rent control
    47 Comments
  2. Why Are More Millionaires Renting?
    139 Comments
  3. More on land leases
    19 Comments
  4. Leveling floors
    20 Comments
  5. Dentist and gold crowns
    23 Comments