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August 16, 2009
Financing a SRO Conversion
We are trying a buy a building in a good location and convert it from an SRO to a 3 family. The current owner manged to get a certificate of no harassement but he ran out of money. Most banks I contacted dont do the 203k loans or any construction + purchse loans for an SRO. It seems like we bailed them but they dont want to land.
Anyone with info on how to go about financing these projects and crietris for getting those loans, DTI, LTV, etc... Thanks everyone.
Comments
sorry I meant "criteria" above
Posted by: brooklynresident at August 16, 2009 3:36 PM
You need to check out non-traditional lending institutions. Try Meridien on the corner of 7th Ave and 9th Streets.
Posted by: tiptoe at August 18, 2009 3:39 PM
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