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Construction Loan

Started by jaspernonbeliever
over 9 years ago
Posts: 90
Member since: Jun 2008
Discussion about
I'm looking at buying an apartment that won't qualify for a traditional mortgage because there is not currently a legal kitchen (as if that should matter in NYC). The banks that I've spoken to thus far say that they got out of the construction loan part of the market after the GFC. Any ideas on a bank that would loan us the capital? I'm expecting to put a down payment in the order of 1/3 of the purchase price. I would also have sufficient funds set aside for the required renovations, which together with the down payment, would represent about 50% of the purchase plus renovation. Thanks.
Response by streetsmart
over 9 years ago
Posts: 883
Member since: Apr 2009

Is it a condo or co-op and what is the purchase price?
Ellen a Silverman
E. S. Funding Co
Licensed Mortgage Broker since 1990 NMLS#60631

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Response by jaspernonbeliever
over 9 years ago
Posts: 90
Member since: Jun 2008

Condo. Probably need a mortgage of around $1.75-2.0 million. Thanks.

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Response by streetsmart
over 9 years ago
Posts: 883
Member since: Apr 2009

I'll check with a few portfolio lenders and get back.

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Response by streetsmart
over 9 years ago
Posts: 883
Member since: Apr 2009

Hello Jasper,
Spoke to a few lenders. One gave me a good suggestion.

Please email me.
esfundingco@aol.com

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