Mortgages for 3-unit Condo
Just curious if anyone out there is a mortgage broker or finance person with some finance input on a question: We are looking to purchase a condo in a three-unit condo in Park Slope and need to find a mortgage. But my question is how easy (or hard) will it be to find a loan…
Just curious if anyone out there is a mortgage broker or finance person with some finance input on a question:
We are looking to purchase a condo in a three-unit condo in Park Slope and need to find a mortgage. But my question is how easy (or hard) will it be to find a loan on a three-unit condo? We also are debating the pros and cons of putting down 25% or 50%. The sale is over a million so it’s a jumbo mortgage – but I’ve been told that getting a loan at 25% is impossible; especially a three unit building.
Does one thing have anything to do with the other?
It will be an owner occupied purchase – does that help?
Thanks in advance for your help.
-rg
Hello,
I am a Mr. Henry Howard. I am a loan lender. Our company grant loan to all individual and companies that needs financing for any reason. Our financing solutions include venture capital deals, mergers, leveraged buyouts, receivables financing, non-traditional business loans and more.
If interested, contact me via email at loans.hhf.uk@gmail.com for more details
Hello,
I am a Mr. Henry Howard. I am a loan lender. Our company grant loan to all individual and companies that needs financing for any reason. Our financing solutions include venture capital deals, mergers, leveraged buyouts, receivables financing, non-traditional business loans and more.
If interested, contact me via email at loans.hhf.uk@gmail.com for more details
send me the address and I’ll check to see if it’s on any of my bank’s approved lists.
adahill@wcslending.com
I got a mortgage for my apt in a three-unit co-op by finding out where the seller had her mortgage, and then asking that same bank to fund me for the same place. My real estate lawyer found this info for me, but a mortgage broker can do the same. Or you could just ask the seller’s broker to ask the current owner.
We used Universal mortgage in Park Slope as our mortgage broker for our 4 unit co-op. They found 2 options for us. Apparently they specialize in small co-ops and did the hunting for us. That said, we ended up with a mortgage through Citibank, so you might want to check there first.
Get yourself an outstanding mortgage broker who is local–a good friend of ours just had a fantastic experience with Nicole McCarthy at Trachtman & Bach and their purchase sounds quite similar to yours. We just bought a co-op in an 8-unit building and yes, the process for small buildings is challenging these days. The hurdle we found was that nobody would finance 20%- it had to be 25% or above. If you’re ready to put down as much as 50% you may have a slightly easier time, but do prepare yourself to a bit of a hunt to find a bank that will lend in a 3-unit building AND offer you a decent interest rate. Good luck!