Mortgages for Multi-Family Bldgs?
I’m looking for a mortgage for a 16 unit brownstone. Can anyone recommend an S&L, bank or mortgage broker? Low rates, fees and a lack of endless hoops to jump through would be nice. Thanks.
I’m looking for a mortgage for a 16 unit brownstone. Can anyone recommend an S&L, bank or mortgage broker? Low rates, fees and a lack of endless hoops to jump through would be nice. Thanks.
People like 12:04 am make me laugh and are indicative of the credit/mortgage crisis.
“I got the first couple of years INTEREST ONLY to boot”. (emphasis added.)
What year did you sign your mortgage agreement?
I behoove you to take your agreement to a lawyer or real estate accountant and have him tell you what your mortgage payment will be after the fixed period expires. ASAP! I guarantee you it is NOT what you think.
NO BAILOUT – LET THE MARKET WORK
BTW, the OP inquired of a COMMERCIAL mortgage, what you described is the atypical residential mortgage (for who should not own a home).
Sovereign bank has a Fannie Mae program that is pretty good. I recently refinanced a property with them, 5-yr fixed, 30-yr amortization 5/4/3/2/1 pre-pay, 80% LTV, 5.25%. I got the first couple of years interest only to boot.
Also try Wamu, they seem to be up and down depending on their financial situation at the moment. Fees are very low with them.
I got a good commercial loan from Maspeth Federal Savings. They offer a 10 year ballon with a 20 year ammorization. the closing was amazingly painless and the mortage paperwork was only about 10 pages..My experience with them has been very positive as they do not sell off their loans to larger institutions.
I can help you. email me at cschilling@lovefunding.com.
I also want a mtg for a 20 unit manhattan brownstone.
I want $1 mil.
Who is lending?
Which banks?
What about mtg companies?
What would the ballpark rate be for a 10 yr fixed?
Thank you!!
I also want a mtg for a 20 unit manhattan brownstone.
I want $1 mil.
Who is lending?
Which banks?
What about mtg companies?
What would the ballpark rate be for a 10 yr fixed?
Thank you!!
Most banks will provide financing for this type of property.
A 16 unit building will require a commercial mortgage. Commercial mortgages require significantly higher downpayments compared with residential mortgages. The intrest rates on commercial mortgages are also higher than residential mortgages and amortize over a shorter period of time, typically ten years. In addition, there are significant fees assocated with commercial mortgages as compared with residential mortgages.