Loan for renovation of NYC Co-Op Apartment ? (no HELOCs/mortgages)
August 5, 2014 8:24 AM Subscribe
Loan for renovation of NYC Co-Op Apartment? (no HELOCs/mortgages).
posted by lalochezia to Work & Money (4 answers total)
We're about to close on a pre-war co-op in Queens, NYC (yay). Renovation will likely cost us more than *double* what we had originally planned on spending (sigh).
We want to finance part of this reno, assume a ~$50k loan paid over 10 years. We would need the funds to be available by ~Oct 1 to pay contractors.
HELOCs are out, because of co-op rules, Re-Fis/2nd mortgages ditto, and Fannie-May Homestyle Mortgages where the reno is folded in are also out because we were too dumb to try and get one and have no time to re-fi (and again, co-op rules would nix it this soon after purchase).
What I've found thus far:
My go to would be the mortgage originator:
8.75% fixed APR
Do you guys know of any other way to finance this size of loan for a reno? Banks/credit unions? Links to specific products/loans would be great. Thanks.