Mortgage Financing for buying next door condo

You should try applying for a mortgage. Usually banks and mortgage brokers are useful for such purposes.

Try hsh.com. t used to have list of large ##s of lenders

would this be bought as an investment condo, or as a combination?

Get ready for an investment rate or some construction loan sort of thing. Either way .... well, enjoy

thanks.

Any idea who has the best rates for investmetns or construction loans?

Depending on your situation (% equity, how much more you want to put in), you can structure this as a refi. Look up Suzanne Bach at Guardhill. She helped me when I had a similar situation. 3.125% for a 7/1 ARM or about 4.25% for 30 year fixed (jumbo loans). Doing a combination refi is a bit more complicated than a simple purchase, but it is done everyday in NYC. An experienced mortgage broker should know how to do this.

In order to do this, the bank required 3 appraisals (existing, new purchase, and combined). Bank also required an escrow account with 1.5 times estimated combination costs (not the real combination you are going to do, but the cost to poke a hole in the wall, and remove a kitchen). When the combination is done, you get the escrow money back.

I was assuming you are going to combine.

easiest if your current apt is paid for (no mortgage), or if you buy new one cash

if you want 2 mtges, banks will want you to redo to one c of o, among other hassles

2 c of o's better as you retain right to split in the futre and/or sell together or seperately

We do these type of loans all the time. We can structure it a number of different ways depending on your situation as a borrower. Please feel free to reach out and discuss.

Mitchell
mcohen@firstrepublic.com

jhochle and mortgageman.

Thanks for your suggestions. Will contaact the referrala you give today.

More suggestions are welcome.