Lenders for units in small buildings?
Anyone know of a lender or type of lender who lends on coops or condos in very small buildings (fewer than three units) — buildings with so few units they don’t qualify for FHA insurance? This is for a very small loan, not a jumbo loan, in Brooklyn. Does such a lender exist? Or must these units be purchased with all cash?
cate
in Mortgage 11 years and 9 months ago
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cate | 11 years and 9 months ago
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Thanks, Adam! It’s not for me, it’s for a friend who lives in Boerum Hill and is looking for a 30-year-mortgage on his own unit, which he purchased recently with a bridge loan. I think the whole building is three, maybe four units. I’ll send this info to him. THank you so much!
adam_dahill | 11 years and 9 months ago
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I posted a link to the article from the NY Times but it didn’t show on my post. http://www.nytimes.com/2012/12/02/realestate/mortgages-financing-for-small-co-op-units.html
adam_dahill | 11 years and 9 months ago
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Cate- Fha won’t lend on Coops at all regardless of the number of units. Are you looking for a loan on one of the units or for the entire coop underlying mortgage? The times quoted me last summer on small coop units. [](http://http://www.nytimes.com/2012/12/02/realestate/mortgages-financing-for-small-co-op-units.html?_r=0)Does the building have 3 units or 2 units? I have a handful of smaller lenders that will do these quirky coops. Hey I switched firms a few weeks back, new contact info below Adam Dahill Mortgage Master Inc. 135 West 50th Street, 18th floor New York, NY 10019 Office: 718-907-7422 Cell: 917-696-6010 adahill@mortgagemaster.com www.mortgagemaster.com/adahill nmls 66099
Arkady | 11 years and 9 months ago
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Ask Adam Dahill.