Financing a Parking Spot

Hi, looking for ideas on financing the purchase of a parking spot in a coop. It would be purchased separately from the apartment (which we already own). While we could just pay cash, I’m thinking it might make sense to finance it, if possible. One problem is the small size (~$25,000 to ~$30,000). I think my options are: 1) Refinance entire mortgage to include this amount and the shares for the spot as collateral; but high costs to get it done. 2) Take out a home equity line/loan (have the equity to do so) but the rates aren’t that attractive for how short the committment is). 3) Can it be mortgaged directly and separately since it has separate coop shares? Thanks for any thoughts or ideas for a mortgage broker?

bdeis01

in Mortgage 10 years and 7 months ago

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patrick | 10 years and 6 months ago

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Based upon the information that you provided, it’s difficult to say which direction is best. Current rate, remaining term and costs to close all should be factored into the whether refinancing is a good option or not. At the same time, if you refinance to buy this spot, you shouldn’t be obligated to include the shares from the parking spot as collateral in your transaction. I’d be happy to discuss this with you. I can be reached at (877)329-7709. Patrick Lavell, NMLS#179233 Liberty Home Funding, Inc. NMLS#132997

no-permits | 10 years and 7 months ago

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it doesn’t make sense to finance it. first, you might not even be able to. second, the costs would be high. third, you could always sell it separate from the apartment easier. say you sold the apartment in the future and the buyer doesn’t have a car. you could always sell it to someone else for a premium.

brooklynnative78 | 10 years and 7 months ago

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thats at least 100bps cheaper than 30y fixed without considering refi costs and they cant call the drawn balance whenver they want

bdeis01 | 10 years and 7 months ago

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Well, I meant that that type of rate (3%) is not all that much lower than 30 year financing rates on a traditional mortgage especially since a HELOC can essentially be pulled at any time.

brooklynnative78 | 10 years and 7 months ago

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Prime – 25 bps is not attractive for financing something for short term?