Brownstone coop looking for home renovation financing

I don’t know if this will apply to but check out this loan program for historic properties: http://www.nylandmarks.org/programs_services/loans/historic_properties_fund/

elbow

in Brownstoner Renovation 13 years and 5 months ago

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Fredo | 13 years and 5 months ago

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We are a small coop (3 units) in a brownstone in CG. Looking to do an extensive renovation of the house (facade, roof, iron works, frontyard, hydronic heat) for an estimated cost of about $150K – anyone would know some financial institutions specialized in loans for coops ? Any contact/reference would be greatly appreciated. Thanks brownstoner community !

adam_dahill | 13 years and 5 months ago

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Do you have a current underlying mortgage? If so you would need to refinance that loan and add the additional money needed to renovate on top of that. You will be hard pressed to find a 2nd lien position if you need to keep the existing loan in place. If you don’t have a underlying mortgage I have a lender that will do 150k on a 3 unit building. A lot of banks won’t do the loan because it’s too small for them and/or they don’t like to work on coop with less than 4 units. Rate would be about 6% on a 5yr note with a 30yr amortization with 1 or 2 possible renewals. We could possibly get you a 7yr note for slightly higher rate. Let me know if you want to talk. -Adam Dahill WCS Lending adahill@wcslending.com nmls #66099