Home Buying in New York>Question Details

Wendy, Home Buyer in Freeport, NY

How much down payment needed for a 16 unit SRO in NYC.?

Asked by Wendy, Freeport, NY Fri Jan 24, 2014

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4
Wendy you need to speak to a commercial lending company. These programs vary and some require higher downpayments than others.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
2 votes Thank Flag Link Fri Jan 24, 2014
Best resource to start with would be:

Raymond Hodges, Deputy Director for Planning
HPD Supportive Housing Loan Program
100 Gold Street, Room 9-C3
New York, NY 10038
Phone (212) 863-6036
Fax (212) 863-6488
Email: hodgesr@hpd.nyc.gov

Good luck!
0 votes Thank Flag Link Sat Jan 25, 2014
Standard commercial loans are usually 25+% down. Now if you go the bridge loan route or other similar loan you may need less down payment but you will pay more in fees and interest. Do some research before jumping into a commercial property specially SRO's. I would speak with a trusted lender and local rental broker to get a feel for the marketability of the units. Good luck!
0 votes Thank Flag Link Fri Jan 24, 2014
Hello Wendy,
that type of building is considered a commercial building. Usually, in a commercial mortgage the down payment is anywhere between 25%-40% depending on your credit, the building, and many other factors. I suggest you speak to a commercial mortgage broker. I would be happy to give you a referral if you need one. My company Home New York has an excellent commercial department that can help you find the building or if you are considering any other future investments.
Please let me know how I can be of assistance.
Diana Vasquez
diana@nyishome.com
0 votes Thank Flag Link Fri Jan 24, 2014
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