I’m sure they are, but being very strict about he requirements.
If it’s a 5+ unit building that is a “commercial” loan, even if it’s all residential. The banks use a 9x the rent roll less expenses to figure out the loan amount.
If the rent roll is $140k a year with $40k expenses you’ll get a $900k loan ($100k rent roll x 9). It the property is asking more than $1.5 million or so, the bank will be very curious as to how you are making up the difference.
Commercial loans (on brownstones) don’t really care about the down payment and personal income and all that, they just want to know how much the building brings in and base their loan on that.
Try Community Preservation Corp if it’s non owner occupied and requires renovation. They were ready willing and able to lend in 2007 but I’m not so sure now.
Flushing Savings Bank 718-512-2826 ~ Terrance O’Connor
tell him adam refered you
I’m sure they are, but being very strict about he requirements.
If it’s a 5+ unit building that is a “commercial” loan, even if it’s all residential. The banks use a 9x the rent roll less expenses to figure out the loan amount.
If the rent roll is $140k a year with $40k expenses you’ll get a $900k loan ($100k rent roll x 9). It the property is asking more than $1.5 million or so, the bank will be very curious as to how you are making up the difference.
Commercial loans (on brownstones) don’t really care about the down payment and personal income and all that, they just want to know how much the building brings in and base their loan on that.
Thanks. I’ll try them
Try Community Preservation Corp if it’s non owner occupied and requires renovation. They were ready willing and able to lend in 2007 but I’m not so sure now.