Financing in Park Slope>Question Details

Liz, Home Owner in Park Slope, Brooklyn,...

Where can a construction loan be secured for renovating a 6 family ower occupied home in Park Slope Brooklyn. New York?

Asked by Liz, Park Slope, Brooklyn, NY Sat Mar 26, 2011

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Jonathan D. Joachim’s answer
HI Liz,
Unfortunately a 203K loan is limited to a 1-4 family residence. So unless you are looking to convert this through the renovations to a 4 family, a 203K won't work. If your intention is to keep this a 6 family building, then you would have to get a commercial mortgage, all residential mortgages are limited to a maximum of 4 units. If you have sufficient equity in the property then I would suggest getting an commercial equity line for the repairs or renovations. Contact me directly if you need more information on either program.
1 vote Thank Flag Link Sun Mar 27, 2011
In my opinion, get a short term hard money bridge/construction loan. It's expensive, but you can close in 2-3 weeks, finish the job and refinance.
Lenders, Coney Island Capital Group, or Approved Funding Mortgage Bankers may consider it.
Call 718-339-8800
Ask for Jacob
Web Reference:
0 votes Thank Flag Link Mon Mar 28, 2011
This would be a commercial loan and a complicated answer. I you would like some assistant on this matter contact me any time
0 votes Thank Flag Link Mon Mar 28, 2011
Find out about a 203K loan, it is exactly what you are looking for. You can google that for more info and Lowe's is sponsoring a program designed specifically for owner/occupants and may be able to steer you in the right direction to get the loan for you. Good Luck.
0 votes Thank Flag Link Sat Mar 26, 2011
Call Frank Tamayo of Metlife Home Loans-Appel, Evans Tamayo & Bach Mortgage Consultants@ 212-413-4548. I've been doing business with him for 10 years & he's the best there is. He also has a Park Slope office.
0 votes Thank Flag Link Sat Mar 26, 2011
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