Posted on: 09th Jun, 2010 07:34 am
I currently hold the mortgage for an apartment in Brooklyn NY I sold four years ago. It is a low owner occupancy building and no large bank would do a mortgage. The buyer now would like to take advantage of the lower interest rates and I would like to to stop holding the mortgage. Is there a particular bank or lender the owner should apply to that would lend in this situation?
Welcome dew,
It will be difficult for the buyer to get a loan for a property which has low owner occupancy. He should contact the local banks and check out if they can help him to get a mortgage at a lower interest rate.
It will be difficult for the buyer to get a loan for a property which has low owner occupancy. He should contact the local banks and check out if they can help him to get a mortgage at a lower interest rate.
Thanks adonis. As a follow-up, what are the flip sides of buying a low owner occupancy buildings (condos), if we were to get the loan. Should we be worried that the common charges would go up?
Most lenders won't be ready to give you a mortgage on a property which has a low owner occupancy. Thus, it will be extremely difficult for you to qualify for a loan.