Mortgage craziness - anyone know of an alternative?

Ari, i emailed you but didn’t hear back.

Still waiting for Adam to return his voicemail 🙁

deancollins

in Financial Services 13 years and 4 months ago

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deancollins | 13 years and 4 months ago

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Wow my brains have been blown in the last 36 hours of dealing with the mortgage brokers from various banks. in 2008 we purchase 2 apartments in a brownstone and combined them into a 2 bedroom apartment. The purchase price in 2008 was $575k and we spent $100k in renovations (it was a gut renovating removing every thing including all walls and ceilings etc front to back including new wiring/plumbing etc

In mid 2010 we refinanced (didn’t take any cash out  just refinanced to a 30year fixed) – the bank valuation done at this time valued our apartment at $700k (eg we made $25k on our investment in 2 years).

We’ve just been given the opportunity to purchase another apartment in the building and intend to join it together and turn it into a 3 bedroom apartment.

Here is the kicker.

In the past 36 hours we’ve been turned down by multiple banks saying they wont refinance us because we will own 3 of the 8 apartments in the co-op.

Excellent credit rating, excellent income levels, excellent loan to valuation levels.  Basically they are refusing to consider our application because we will end up owning 38% of the building.
Anyone have a broker they want to reccomend?

Anyone know of an alternative?

If you are a broker and you know how to make this work then call me on 212 -203 – 435 7  but you’ll need to call me quick.

daveinbedstuy | 13 years and 4 months ago

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Try Adam Dahill.  Just google him or look him up here in the archives.

deancollins | 13 years and 4 months ago

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thanks just called, got voicemail. Any other suggestions?

guikazoid | 13 years and 4 months ago

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we used adam dahill and he was great.  he’s work with a few of our friends/family members on their refi and they’ve had positive experiences.

deancollins | 13 years and 4 months ago

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Still haven’t heard back from adam. Called him again and got voicemail.

Any other suggestions?

coopking | 13 years and 4 months ago

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Vanessa is fantastic   Vanessa Thatcher
Senior Loan Officer
NMLS# 41404

Atlantic Home Capital
4175 Veterans Memorial Hwy
Ste 310
Ronkonkoma, NY 11779

Office: 631-687-3510 x106
Direct Fax: 631-918-5222
Cell: 631-672-4113

housepoor | 13 years and 4 months ago

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The other shareholders in the co-op may not be too happy to see this happen either. Not only do banks get skittish financing when you own too much of a building, but they also don’t like buildings with fewer units. Both increase the risk to the bank by concentrating ownership. I don ‘t know where the tipping point is, but you should be concerned about this if you ever want to sell, especially if your neighbors do the same thing. Good luck.

deancollins | 13 years and 4 months ago

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Called Vanessa, she is unable to do it either. She only deals with vanilla fannie loans so we have a percentage of ownership issue.

She did however give me a name at NCB.

housebywe | 13 years and 4 months ago

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Dean, shoot me an email I can give you a couple of names.  ari@housebywe.com

elbow | 13 years and 4 months ago

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Based on the refinancings and new loans in our 8 unit self-managed co-op, banks seem to be clamping down on the percentage ownership they think they’d be comfortable with.  I think 20% or more used to raise their hackles but now they’re down to 10%.  I always end up sending them a little spreadsheet of building-wide share allocaction showing that each unit has over 10% or the shares (bank loan officers don’t seem to be so great at math..) The most recent sale was such an out and out headache for me as treasurer that I felt like quitting…..