Seems like some folks here may be able to help. My wife and I own a 2br in NOHO is a condo building with more than 20% commercial (1 restaurant on the ground floor) and 5 residential units. So we fall under the 10 unit limit and we have more than 20% commercial. When we and others bought into the condo in 2007 none of us had problems getting mortgages (and some paid all cash). I went to refinance... [more]
Seems like some folks here may be able to help. My wife and I own a 2br in NOHO is a condo building with more than 20% commercial (1 restaurant on the ground floor) and 5 residential units. So we fall under the 10 unit limit and we have more than 20% commercial. When we and others bought into the condo in 2007 none of us had problems getting mortgages (and some paid all cash). I went to refinance with another bank at an LTV by the way of only 20% (residential units worth 2-2.5m and PH more - we own one of the 2-2.5m value apartments) and under the fannie limit to be conforming and was ultimately rejected b/c of the commercial % issue. I chatted with another bank who said same problem and doesn't know of any banks that can work around this. Its kind of crazy - very hot neighborhood, very nice building, and very credit worthy owners...(all units sold now for a long time) and building very solid financially with money in the bank and no mortgage. Any advice of "niche" lenders or brokers that know them to help. Not urgent for us but someday will be when we try and sell the place I presume...Thanks in advance for your help!
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Response by KeithB
over 14 years ago
Posts: 976
Member since: Aug 2009
Try Adam Dahill@ WCS Lending 212.351.8020
Keith Burkhardt (broker)
The Burkhardt Group
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Response by dwell
over 14 years ago
Posts: 2341
Member since: Jul 2008
So, there's a new rule re: under 10 units & more than 20% commercial?
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Response by shong
over 14 years ago
Posts: 616
Member since: Apr 2008
The 20% commerical rule was always around regardless of the number of units above it. You can request a Fannie Mae waiver but it depends how much more than 20% the commerical space is. sunny.hong@bankofamerica.com
Actually, Matt, there definitely is a "Noho" neighborhood. Guess you don't get downtown very much.
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Response by NYCMatt
over 14 years ago
Posts: 7523
Member since: May 2009
Spent more than a decade below Houston, thank you very much.
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Response by West34
over 14 years ago
Posts: 1040
Member since: Mar 2009
Re: Spent more than a decade below Houston
well I guess that explains Matt's confusion on NOHO
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Response by truthskr10
over 14 years ago
Posts: 4088
Member since: Jul 2009
bloho?
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Response by truthskr10
over 14 years ago
Posts: 4088
Member since: Jul 2009
El Paso?
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Response by matsonjones
over 14 years ago
Posts: 1183
Member since: Feb 2007
NYCMatt: The fact that the report is 12 years old only thoroughly confirms that the NoHo neighborhood has been officially recognized as such AT LEAST as long as you claim to have "...Spent more than a decade below Houston...," meaning that if anyone should be well aware of the fact that there is an officially recognized and historic area of lower NYC know as "NoHo," it should be YOU, douchebag.
Thank YOU very much.
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Response by maly
over 14 years ago
Posts: 1377
Member since: Jan 2009
That would be Mr. Coop douchebag vice-president to you.
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Response by matsonjones
over 14 years ago
Posts: 1183
Member since: Feb 2007
Oh, and dumbass NYCMatt - here's the more current and UPDATED 150 page government 2008 NOHO historic district report. With pictures at the end of every building covered by the government's "NoHo Historical District" designation. That you say doesn't exist.
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Response by dwell
over 14 years ago
Posts: 2341
Member since: Jul 2008
Mofo
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Response by NYCMatt
over 14 years ago
Posts: 7523
Member since: May 2009
SoHoWeBroNoTriBeCaBeMePa, or thereabouts.
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Response by nycrolan
over 14 years ago
Posts: 2
Member since: Jan 2008
We specialize in non-warrantable condos(buildings where fannie mae will not lend) like yours. Please see our website at www.myhomebanker.com We are a direct lender. you can apply online from the site.
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Try Adam Dahill@ WCS Lending 212.351.8020
Keith Burkhardt (broker)
The Burkhardt Group
So, there's a new rule re: under 10 units & more than 20% commercial?
The 20% commerical rule was always around regardless of the number of units above it. You can request a Fannie Mae waiver but it depends how much more than 20% the commerical space is. sunny.hong@bankofamerica.com
I don't think that this loan will be a problem.
Ellen Silverman
www.esfunding.instantlender.com
The only problem I see here is that there's no such neighborhood as "NoHo".
NYCMatt: Here's a 234 page NYC government report suggesting otherwise -
http://www.nyc.gov/html/lpc/downloads/pdf/reports/NoHo_HD.pdf
That report is 12 years out of date.
Actually, Matt, there definitely is a "Noho" neighborhood. Guess you don't get downtown very much.
Spent more than a decade below Houston, thank you very much.
Re: Spent more than a decade below Houston
well I guess that explains Matt's confusion on NOHO
bloho?
El Paso?
NYCMatt: The fact that the report is 12 years old only thoroughly confirms that the NoHo neighborhood has been officially recognized as such AT LEAST as long as you claim to have "...Spent more than a decade below Houston...," meaning that if anyone should be well aware of the fact that there is an officially recognized and historic area of lower NYC know as "NoHo," it should be YOU, douchebag.
Thank YOU very much.
That would be Mr. Coop douchebag vice-president to you.
Oh, and dumbass NYCMatt - here's the more current and UPDATED 150 page government 2008 NOHO historic district report. With pictures at the end of every building covered by the government's "NoHo Historical District" designation. That you say doesn't exist.
Mofo
SoHoWeBroNoTriBeCaBeMePa, or thereabouts.
We specialize in non-warrantable condos(buildings where fannie mae will not lend) like yours. Please see our website at www.myhomebanker.com We are a direct lender. you can apply online from the site.
And now Related's pimping MiMa.