All Forum Posts by: Stefan Tsvetkov
Stefan Tsvetkov has started 71 posts and replied 252 times.
Post: Converting to condo in Union City, NJ?
- Investor
- New York, NY
- Posts 263
- Votes 118
@Mia Shlomit Does the intended condo conversion aim to eliminate rent control for the building or another purpose? If the former, note per Union City Rent Stabilization ordinance (https://ecode360.com/15397000 is a slightly outdated version), "the terms of this chapter apply to individual dwelling units within a building, including condominium or cooperative units in the process of being converted, or having been converted". I do not believe converting to condos would decontrol the building.
I own a 4-unit multifamily in Union City and am considering condo converting it at some point in the future, though I do not think rent decontrol would be among the potential benefits of the conversion. Best call the town's rent control office and make a general inquiry to confirm.
Post: Max LTV Heloc
- Investor
- New York, NY
- Posts 263
- Votes 118
Signature FCU offer 100% LTV HELOC and fixed-rate HE loans up to 20-year term. I took a 15-year fixed-rate loan with them for a property in NJ, up to 100% LTV at a 'high' 6.75% rate. Their 9-year fixed-rate loan is currently set at 5.75% which appears competitive for a 100% LTV fixed-rate.
https://www.signaturefcu.org/Products/Rates/Home-E...
There is no external appraisal or title work needed up to $150k, only title work up to $200k, and both are required for amounts >$200k. The process was easy, though took a long time with a couple changes on my end and operational slowness on their side.