Renovation Loans and Mortgages for a SFR on Long Island

6 Replies

Hey BP Community!

I found a great SFR in Suffolk County, Long Island, NY that needs work. I have been reaching out to various lenders, but the response has been consistently, "I don't work with those products, sorry." What are my options for products such as the 203k or HomeStyle loans?

1. Are there other products with similar specs (covering the renovation/build)?

2. What are some local lenders that offer these products?

Thank you.

Originally posted by @Alexander George :

Hey BP Community!

I found a great SFR in Suffolk County, Long Island, NY that needs work. I have been reaching out to various lenders, but the response has been consistently, "I don't work with those products, sorry." What are my options for products such as the 203k or HomeStyle loans?

1. Are there other products with similar specs (covering the renovation/build)?

2. What are some local lenders that offer these products?

Thank you.

 If you lurk these forums for other discussions about and see lenders talking about it, then you know at the company level who offers it. Check for local branches of that firm, give them a call. If the specific LO who picks up doesn't offer, ask for a referral. 

Alexander,

After researching about a dozen options, I ended up using Finance of America for only two deals.  Most companies including FOA do not understand how to do business in NYS, they also need at least 45 days to close.  To get the best deal you are better off buying the property for cash and then do the financing. 

If you need to close quick the best is to find a money guy and partner with them.  I partner with people who find deals all the time, we bring the money and experience.  Let me know if you have any questions, good luck.

@Alexander George What is your plan for the property? I'm assuming its a fixer upper, i'm not familiar with that area so i'm not sure why lenders wouldn't "work with those products".  Have you considered a hard money loan? They typically pay the bulk of the purchase price and all of the renovation cost. Then once its done, if you've created enough equity, you can refinance it if you plan to live there. Or sell it if you plan to flip it.  

Hey Alexander, I recommend Kareem Baldwin, he is a terrific broker with Atlantic Home Capital in Farmingville, Long Island. I'm confident he will be able to find the right lender/finance situation to help with your SFR. He assisted me with my refi on my primary residence and now working on a construction loan for a investment property. You can google him or PM me for his info. Good luck Alexander !

Jamel (Jay) H.