General Contractors

Need a Small Project 403(k) Contractor.

I’m buying a mixed-use building in the south (of) park slope area (2 apts plus commercial floor) with 403(k). The 403(k) work is $12k and only in the cellar and roof. 7k is electrical and the rest is: cellar handrail and support beam reinforcement (one beam); and roof flashing and hatch installation. I emailed Al…

by Jgillick
02/15/2011 1 minute 8

I’m buying a mixed-use building in the south (of) park slope area (2 apts plus commercial floor) with 403(k). The 403(k) work is $12k and only in the cellar and roof.
7k is electrical and the rest is: cellar handrail and support beam reinforcement (one beam); and roof flashing and hatch installation.

I emailed Al Rosario from a prior rec on here, but he never got back to me. Any other recs?

General Contractors

What's Your Take? Leave a Comment

  2. Contrary to what RBCG posted, lenders do NOT approve contractors. According to HUD Mortgagee Letter 2000-25, lenders do NOT approve contractors, but rather determine that the contractor selected by the consumer is acceptable to do the work by verifying license, insurance, references, credentials, experience, etc. But how can any contractor be deemed “acceptable” if that contractor is not either properly educated on the intricacies and nuances of the 203k or fully understands the complexities of the 203k? And do we really need or even want contractors doing work on 203k projects if “they just need to fill out a bunch of forms,” as RBCG stated? No. The 203k is complicated by specific forms, strict timelines, uncommon contractor compensation structure, etc. I am not picking on RBCG, but rather just trying to make an important point.

  4. Almost any contractor can work on a 203k project, they just need to be approved by the lender first. In most cases, they just need to fill out a bunch of forms.

    We completed an expedited 203k renovation last year, and had both an electrician and a handyman as approved contractors. The process was very simple.

  6. I have a number of 203k projects and the contractor is:
    Constantine Rigas
    Bullfrog Builders
    (718) 228-0199
    They specialize in that type of loan.

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