All Forum Posts by: Randi Plevy

It's shocking that this was not disclosed at the outset. I don't know how you could be expected to make an educated offer without knowing about the lease expiration. The outcome could be financially catastrophic. Please ask your real estate attorney to explain all of the potential consequences. You could literally lose your entire investment.

Hi Christian.  I'm the attorney for a hard money lender based in New York City.  However, we only do loans in the five boros.  I'm assuming based on your location that you are upstate.  

I don't know how they operate there, but I know my company has a three month prepayment penalty, meaning the lender wants to get at least three months in interest payments, otherwise, it's not worth the work.  

Good luck with your project.  

This is a statute I'm familiar with, unfortunately.  It's completely the Landlord's obligation in NYC and severe penalties can result from the LL's failure to act.  

http://www.nyc.gov/html/doh/bedbugs/html/info/owners_tenants.shtml

I will attend.  Thank you @Darren Sager.