Commercial Loans
We’re looking at a vacant 7 unit property in Bed Stuy. We have about 25% down and the expertise. What are the requirements to obtain a loan for a commercial property that needs new water, electric and kitchens and baths. Anyone recommend a good mortgage broker? How hard is it to obtain a construction loan?…
We’re looking at a vacant 7 unit property in Bed Stuy. We have about 25% down and the expertise. What are the requirements to obtain a loan for a commercial property that needs new water, electric and kitchens and baths. Anyone recommend a good mortgage broker? How hard is it to obtain a construction loan? We have excellent credit and other rental income.
justmoved –
I got the loan from new york community bank. This was a multifamily loan, for a rental apartment bldg. Don’t know what their appetite is for coop construction loans but wouldn’t hurt to ask.
Try Greg Licciardello of All Shores Mortgage – 718-232-0909. I know he deals with commercial mortgages. He should be able to help you out.
hey bklnite – which bank did you get the loan from? our small co-op needs a construction loan / mortgage and we have problems finding a willing lender
I don’t know about construction loans, but recently got a commercial / multifamily loan. 5.5% rate (might be lower now), and the bank guidelines were Max LTV 70% (and they may value the property less than what you’re willing to pay), Minimum DSCR 1.5. Term is 5 years renewable for 5. 30yr amortization, but will have to refi or sell in 10 years. I went direct to the bank (to avoid paying a mortgage broker), but you could talk to Manhattan Mortgage. Lenders like it if you have a track record of multifamily ownership.
Try contacting Community Preservation Corporation. It’s a non-profit, and I think they may offer good terms for financing multifamily purchases & rehabs.
Call AnnMarie Manfredi. They do construction loans. (845) 406-5218