All Forum Posts by: Ben W.
Ben W. has started 3 posts and replied 5 times.
Post: Second lien on multifamily
- Investor
- Brooklyn, NY
- Posts 5
- Votes 0
Originally posted by @Carlos Flores:
A Supplemental may be possible to take you up to 75% LTV if it's been at least a year since the closing date of the last loan. A supplemental can be coterminous or non-coterminous, extending 2 years beyond the first loan. Several FNMA restrictions apply plus the current lender may have their own internal guidelines.
1) How difficult is it to obtain a Supplemental?
2) The original loan is a blanket on two properties. Assuming one of the properties can appraise for 20% more than the current loan balance, can the other property be released from the original mortgage?
Post: Second lien on multifamily
- Investor
- Brooklyn, NY
- Posts 5
- Votes 0
I am looking at purchasing a property and assuming a non-recourse Fannie Mae mortgage in place. Is there any way to get a second mortgage on the property?
Post: Second Lien Position
- Investor
- Brooklyn, NY
- Posts 5
- Votes 0
Hi, do commercial lenders generally allow the seller to carry back in second position the 25% not financed by the lender (to effectively create a purchase with no money down for buyer)?
Post: How to finance class B property
- Investor
- Brooklyn, NY
- Posts 5
- Votes 0
Thanks Pavel. Do commercial lenders generally require a seasoning period before a property can be evaluated for more then the sale price?
Post: How to finance class B property
- Investor
- Brooklyn, NY
- Posts 5
- Votes 0
I was looking for advice on how to refi a 12 unit multifamily I purchased recenly in New Jersey. Currently, the previous owner is holding note. There are 3 structures on the property totaling 12 units 100% occupied. Is the Fannie Mae small loan a good option?