How do I Finance a 2 family home that has 4 family c of o?
Hello all, I have an accepted offer on a legal four family home in Park Slope that was for sale by owner. The current owner started the renovation of converting the home to upper triplex over garden rental, which is what I would like to use it as also. The top floor and garden level…
Hello all,
I have an accepted offer on a legal four family home in Park Slope that was for sale by owner. The current owner started the renovation of converting the home to upper triplex over garden rental, which is what I would like to use it as also. The top floor and garden level are the only floors withe kitchens, the two other floors have been converted into sleeping quarters. Is there any way I can get a loan without either changing the C of O to two family or converting the home back to a 4 family? It is my understanding that the home would never get past appraisal in it’s current state. Thanks in advance for any help or advice you may be able to offer.
The reason why he is selling the building in it’s current state is because he either has no liquidity and or he ran into a unforeseen problem that will cost him more to finish than to sell as is. A 4 Fam C of O means more equity and the option to reconvert easily later. A 2 Fam means your value will reflect other 2 Fam’s nearby less income to play with but typically a better rate. Investigate all the way down to date’s of permitting for the current home owner then have a inspector come in to have a look. Use your own guys “FOR SURE”. I you’d like more understanding and tip’s please give me a call @ 917-829-8382
do a conventional
Thanks Bklnite 🙂
You can finance it as a 2 family BKLandlord. It’s pretty common for people to use 3’s as 2’s etc… You will be held to 2 fam loan limits though.
If the place is in disrepair than that’s a whole other story and we need more information.
-Adam Dahill
WCS LENDING
adahill@wcslending.com
I would work with a mortgage broker on this. Universal Mortgage has done well by me. Adam Dahill, who posts here, gets good recommendations.
Another broker/lender you can try is Frank Tamayo, ftamayo@metlife.com 212-413-4548. Apparently Met Life, sitting on the huge war chest after selling Stuy Town at the top of the market is lending at good rates.