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October 31, 2005
Mortgage Loan for 10-family
I am looking to buy a vacant 10 family townhouse and then immediately change the C of O to a 3 family. I am having a very hard time finding a loan that does not include all the typical commercial fee's and prepayment. Has anyone found banks that specialize in this?
Comments
You say "immediatley change the c-of-o to a 3", but that will take some time, because you'll need to file architect plans for a real 3-family layout with the DOB, do the construction, get an inspection, then wait for your c-of-o... you should plan for that to take a year, to be safe. On the loan, have you tried the big guys like Chase or Countrywide?
Posted by: OE at October 31, 2005 9:06 PM
Are you using a mortgage broker? I bought a vacant 5-family (normally a commercial mortgage) with a residential mortgage by presenting the bank with plans for conversion along with a letter of understanding drafted by my lawyer. The bank held some money in escrow until the conversion was complete and the new C of O issued by the DOB.
Posted by: Anonymous at November 1, 2005 11:36 AM
talking about converting..would you mind summerizing to the plain joe what it takes to have it done.
my family owns a legal 6 vacant 25x60 atached lime stone in bed stuy.
the best offer we got on it was 600k and I was thinking it's worth doing conversion into a 3 family and then perhaps condo it.
can some one help me by interducing me to the world of conversion and condo'ing? perhaps a book or two and a good lawyer contact or 2
and u experts, mind sharing ur thoughts on it? is it worth for a private joe to start out doing this? time is no problem as I am not employed....
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