All Forum Posts by: Beth Clerc

Thank you. I was told by the commercial lender I was using that they would not finance that property either because the square footage of the commercial/business part does not meet their requirement (ratio).

I'm going to have to ask her to clarify and tell me who would be able to finance if they can't. The commercial and rental part of this property are two separate buildings.  

Hi everyone,

Hope you are all doing well.

I'm very interested in a property but don't know who can finance it. My residential mortgage guy was no help and referred me to their commercial division who said they wouldn't finance that type of property and wasn't much help either - weird because they are usually much more helpful.

It is located in NY just outside NYC and it has a building built in 2008 that includes 4 apartments. On the same 1 acre property is a stand-along commercial building.

Any ideas on where I can start to find financing for this property.

Thank you very much in advance.

Thanks very much.  I was sure it still happens even with doing as much prep as you can.  Thanks very much for giving the example of city changing their mind. I can totally see that happening.  

I get told I over think things which may not be good for some smaller things in life but in this case I think my well honed over thinking skills may come in handy.    

Take care,

Hi everyone,

Where I live in NY a vacant land parcel needs to have Board of Health Approval (BOHA) in order to build on it.  If you wanted to buy a lot that does not have existing BOHA and were able to get as many tests as possible done ahead of purchasing (perc test, soil test, engineering, surveyor, talking to town building dept. etc.) and they all came back ok I'm wondering if anyone has ever heard of still ending up with an unbuildable lot somehow.  

I have done a few flips in the past but for my own personal residence now I want to buy a vacant lot and do a new construction build.   I'm definitely going to get an agent who is familiar with land but it's new territory for me and I'm still a little nervous about doing all the proper due diligence and still ending up with a useless lot (land in this area is NOT cheap) so it would be a big loss.

Thanks for any thoughts on this.