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Mortgage in a Bldg. where sponsor owns <80%

Started by jhcoop
over 13 years ago
Posts: 2
Member since: May 2012
Discussion about
I live in a Jackson Heights, Queens co-op where the sponsor owns over 80% of the units. I'd like to sell my 1bdrm and would like to find a mortgage company that would lend to prospective buyers given this situation. (Big banks have already expressed the unlikelihood of lending given this situation.) Are there any mortgage brokers or other lenders that have lent under these circumstances?
Response by ab_11218
over 13 years ago
Posts: 2017
Member since: May 2009

cash only. any building that is not way over 50% will not get a mortgage. you will be selling at a huge discount and you bought at a huge discount as well, if you had an attorney with any brains.

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Response by sammy300
over 13 years ago
Posts: 208
Member since: Mar 2012

Try Hudson City Savings Bank; Apple Bank or a portfolio lender thru a mortgage broker

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