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Dear Brownstoner,

So I wanted to get everyone’s advice on what to do. I recently bought a three family in early August in BedStuy for $650K. I went to get a Home Equity Line of Credit from M&T Bank to cover cost of renovation overages. The appraiser came to my house twice and the bank declined my application because he appraised the house at only $400K.

I was in shock as I’ve put over $100K in renovations so I would have expected the house to go up versus down.

Have housing values in Bedstuy dropped that far in less than three months? Anyone else have this happen? When I look at realestate listing similar to my house they are all in the 600-700Ks.

Does anyone know another bank I can reach out to submit another application.

Thanks
Faye