non-conventional loans

What do you mean by non-conventional?

"non-conventional" in both proper English and correct terminology would translate to "non-conforming," which would mean you want a Jumbo loan, or "unconventional," which would mean you're buying an unusual property or need a loan with unusual terms.

Guessing you meant non-conforming/jumbo?

While I didn't end up using them, I've heard good things about First Republic...also had good experience myself with Wells Fargo assuming you plan to put down 35% or more.

There's convention and then there's jumbo.
If someone were to say non-conventional i would think something very different such as non-doc.

yes non-conforming / unusual. ie property with more than 20% commercial space or a sponsor property in the midst of a conversion - thus the sponsor owning more than 20% of the current total property.

There are a handful of lenders that will entertain these types of properties. A good mortgage broker should be able to secure financing for you. Reasonable rates? That really depends on what you consider reasonable. If you are looking for Fannie rates for a 30yr fixed I don't think you are going to find what you are looking for. You will most likely have to opt for an ARM. There are lenders for the right borrower and scenario that will still have aggressive terms considering the uniqueness of the property etc.

nyc10007:

1. what have you heard about First Republic
2. someone I know went to them
3. she is putting more than 1/3 down
4. yet loan committment requires appraisal at full contract price
5. normally banks lend at 80% or 75% but its loan:value ratio on that loan is under 66%

first republic is exceptional if you have banking relationships with them. By combing an HELOC on another property and mortgage (both financial instruments were originated by 1st republic), I aceived 100% financing on an investment property. The rate for the mortgage (since it is investment) were slightly higher (3.7%) and the HELOC is currently (3.5%). The strategy is to pay the HELOC down before the Feds raise the rates. The property has a positive cash flow (excluding depreciation)...

realtime:

1. there is no visible reason why the bank's website says it lends at 80-85%
2. while its commitment letter to my friend is at 65%
3. sounds to me like they dont consider the loan very desirable

Somen,

I work at First Republic which is why I was asking. If you would like feel free to email me the details and we can discuss the property and what the bank will do.

Mitchell

Mcohen@firstrepublic.com

Mitch, Do the mortgages at first republic go to a relationship manager or is there a separate loan department?

Also, what percentage down on manhattan investment property assuming strand credit and adequate income?

Say price range 1-1.5mm.

Meant strong credit. Sorry.

Yes, they go to RM's. LTV is 65%- 75%. Depends on the product and the overall scenario.