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February 28, 2006

Where to get a business loan?

Hi. I own a unit in a four family self-managed coop. This is a brownstone building in Prospect Heights. We are looking for an up to $100K loan to renovate the facade of the building. It looks like banks are not eager to loan to a small coop corporation, even though the mortgage on the building has been paid off. Does anyone have any pointers on banks/loan originators that will make such a business loan? I'd appreciate any advice.

Thanks a lot!

Posted by anon at 9:47 PM | Comments (6)
Categories: Facade

Comments

Most banks will be happy to grant a mortgage on your co-op. Ours (on a 5-unit-coop brownstone in PH)is with Emigrant Savings. Would be the preferable way to go anyway, no? Some of the payment would be tax-deductible to tenant/shareholders I think.

Posted by: bkrindy at March 1, 2006 11:29 AM

All you have to do is refinance your underlying mortgage and get an extra 100K at the closing.

Posted by: tom at March 1, 2006 6:54 PM

Thanks! Our mortgage has been payed off, so can't take a refinancing road. bkrindy, are you saying we can take a mortgage without actually buying a property? Thanks!

Posted by: dmitriy at March 2, 2006 7:55 AM

Maybe a mortgage broker could offer you some advice. Try First Merchants on 7th Ave and Berkeley Pl. I've always found them very helpful (if also super busy).

Posted by: Anon at March 2, 2006 12:37 PM

A mortgage doesn't purchase the property, it secures a loan. So, yes, if you own your property, you can get a loan from the bank in return for a mortgage to secure that loan. It should be a pretty simple process.

Posted by: grendel at March 7, 2006 1:40 PM

I suggest you get a credit card machine and start charging for the rent, etc via credit card.
Merchant accounts are the easyest to get a loan from. Fast and simple. All you have to do is
process for up to 3 months and you can get up to 150% of what you have processed.

If you need any help, let me know.
212-537-0586

Posted by: Alexander Mirvis at March 21, 2007 6:00 PM

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