Denied a load on a multi family home
Three weeks left on closing on a multi family property in the Bronx and we were denied funding due to the fact that we priced our one bedrooms to high $1800 claim the for the Sq footage of 666 it should be priced at $1500. Even after providing comp in the neighborhood of similar units we were still denied.
Quote from @Victor Callender:
Three weeks left on closing on a multi family property in the Bronx and we were denied funding due to the fact that we priced our one bedrooms to high $1800 claim the for the Sq footage of 666 it should be priced at $1500. Even after providing comp in the neighborhood of similar units we were still denied.
You're talking about the Bronx - $1800 is way too high for 1 bedroom.
Not sure what is your question is here.
What part of the Bronx. I live and have worked here for 9+ years and $1800 is very reasonable for a bedroom in most neighborhoods. Lmk if you need connection with a lender that understands the Bronx.
Quote from @Andrew Jennings Freerks:
What part of the Bronx. I live and have worked here for 9+ years and $1800 is very reasonable for a bedroom in most neighborhoods. Lmk if you need connection with a lender that understands the Bronx.
Mott Haven, my schedule closing date is June 30 and I don't know if it's enough time to find a new lender.
Quote from @Victor Callender:
Mott Haven, my schedule closing date is June 30 and I don't know if it's enough time to find a new lender.
If your current lender denied you, what is your other option? Wouldn't hurt to start working with a new lender that can make the deal work and worst case scenario you have to push out closing a few days.
@Victor Callender - sounds like you ask for an extension and figure it out with a new lender. Keep pushing. You’ve got this.
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@Victor Callender If you don't think it's enough time why make a post. I don't think I understand the question either. If you were denied what is the next step for you or are you just telling us you got denied for the sake.
Quote from @Andrew Jennings Freerks:
What part of the Bronx. I live and have worked here for 9+ years and $1800 is very reasonable for a bedroom in most neighborhoods. Lmk if you need connection with a lender that understands the Bronx.
The question is have you ever heard of anyone being denied of a loan just because the appraiser thinks I should be pricing the units for $1500 instead of my 1800. And when I provide proof the this is what's being ask 1800 + they still wouldn't accept. Credit great, down payment and has good income. Just wanted to see if anyone ever heard of anything like this.
Sq footage = 666
Hmmmmm(???)
Quote from @Scott Mac:
Sq footage = 666
Hmmmmm(???)
Yes, the second and 3rd floor, but the 1st floor is larger with parking and backyard access.
Quote from @Victor Callender:
Mott Haven, my schedule closing date is June 30 and I don't know if it's enough time to find a new lender.
Do you have an appraisal completed that was preformed through an AMC? (Appraisal Management Company)
I don't know the full story but if you have a satisfactory report in hand and have good financials, you should be able to find a lender to close it for you. The big question will be if the terms presented by the new lender are acceptable to you.
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Quote from @Matthew Crivelli:agreed with this. Your other option is to take it down on a bridge loan, maybe even a fix and flip loan or rehab loan, and then rent it out for the comp prices you know it to be worth. once that is done, you can refi into a dscr with the in place rents. of course, that all depends on whether or not this is owner occ.
Quote from @Victor Callender:
Mott Haven, my schedule closing date is June 30 and I don't know if it's enough time to find a new lender.
Do you have an appraisal completed that was preformed through an AMC? (Appraisal Management Company)
I don't know the full story but if you have a satisfactory report in hand and have good financials, you should be able to find a lender to close it for you. The big question will be if the terms presented by the new lender are acceptable to you.