Asked by aggie499, New York • Wed Jul 25, 2012
About 8 months ago I tried to refinance a condo apartment in Manhattan. I wanted to lower my mortgage rate which is 5.5%. I was rejected for refinance both by the bank that holds my original mortgage and another bank because the building does not qualify. The building is a high rise with 3 commercial units and about 82 residential units. There are no delinquencies on common charges. However, given the building was a relatively newly converted condo (from rental) and the recent market conditions, the developed still owns over 40% of the building. In addition, there are still many apartments in the building that are rentals.
Is there a lender in the NYC area who will assume the loan or do not require a condo questionnaire?
Any advice would be appreciated.
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