Construction Loan

Started by jaspernonbeliever
about 9 years ago
Posts: 90
Member since: Jun 2008
Discussion about
I'm looking at buying an apartment that won't qualify for a traditional mortgage because there is not currently a legal kitchen (as if that should matter in NYC). The banks that I've spoken to thus far say that they got out of the construction loan part of the market after the GFC. Any ideas on a bank that would loan us the capital? I'm expecting to put a down payment in the order of 1/3 of the purchase price. I would also have sufficient funds set aside for the required renovations, which together with the down payment, would represent about 50% of the purchase plus renovation. Thanks.