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May 11, 2009
Mortgage Broker Recommendation?
My wife and I are looking for a mortgage broker (or we could go straight to the bank if that's better) for the residential conversion of a commercial property in Brooklyn. Any one out there with a project like this? Total budget is around 400k so we're not talking about crazy money here. I already spoke to Norman Calvo who is unable to do this type of financing. Since it is zoned residential, couldn't this be considered a construction loan? I figure it's like buying land with a head start.
Comments
We've had very good experiences with First Merchants (718-230-3400), although I can't say whether they do this type of loan.
Posted by: Sparky Lee at May 11, 2009 4:25 PM
Don't know if they do construction financing but I got acquisition financing for a commercial property through Commerce, now TD bank with around 25% down. Soon I plan to convert the commercial to residential and will need funds for build out so I'd love to hear what you find out.
Posted by: bessie2 at May 11, 2009 5:03 PM
Benjamin levin at Wells Fargo--don't have his number handy but I have posted about him before--its always a joy to rec him because he makes the impossible possible
Posted by: HomeSweetstuy at May 11, 2009 10:20 PM
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