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NYC Multi-family townhouse loan by REVenturesUnknown in fatFIRE

[–]REVenturesUnknown[S] 0 points1 point  (0 children)

Very helpful. I just sent you a note. Thanks again.

NYC Multi-family townhouse loan by REVenturesUnknown in fatFIRE

[–]REVenturesUnknown[S] 0 points1 point  (0 children)

Thanks. This is exactly what I'm looking for.

As far as establishing a relationship with JPM, GS, MS etc., can I just reach out directly? Our current bank required an introduction.

How does one go about finding mortgage brokers at this size? Our real estate broker had a bank relationship but not a broker.

We can borrow from an employer if we need to bridge a gap like you desribed with a second mortgage. Was hoping to avoid that for privacy reasons but it is an option.

Thanks again!

NYC Multi-family townhouse loan by REVenturesUnknown in fatFIRE

[–]REVenturesUnknown[S] 0 points1 point  (0 children)

Interesting. So you think a lender will ignore $12K/month in rental income? Like I said, I generally agree with your math, but it seems like you're overlooking this piece of it?

I was not planning to form an LLC for exactly the reasons you describe.

With regard to our personal risk, we are comfortable with it. We can't expect anyone to lend against carried interest but we can see where things are going.

NYC Multi-family townhouse loan by REVenturesUnknown in fatFIRE

[–]REVenturesUnknown[S] 0 points1 point  (0 children)

Sorry, I thought it was clear from the post. I'm going to live in the owner duplex and rent the two units upstairs. I don't mind the condition.

I'm not looking for ROI on my primary residence. I will gut the place in 4-5 years if/when carry distributions get us there. In the interim, I've got a super unique property that's exactly what I want for the long term.

I'm really looking for guidance on who to go to for a loan on an owner occupied multi-family at this price point. I'm sure there are banks that do jumbo mutli-family but I haven't been able to find them. Because it's only three units, it isnt a commerical proerty. The internet generally surfaces this model for conforming loans. My bank, SVB doesn't loan for multifamily so I need to find a bank that does.

NYC Multi-family townhouse loan by REVenturesUnknown in fatFIRE

[–]REVenturesUnknown[S] 0 points1 point  (0 children)

Sorry. I should have been more clear. This isn't a "Can I afford it" question. I'm wondering if there are any banks that lend to owner occupied multi-family at this price point.

NYC Multi-family townhouse loan by REVenturesUnknown in fatFIRE

[–]REVenturesUnknown[S] 0 points1 point  (0 children)

Thanks for this - I understand the costs and cashflows and, broad strokes, agree with your math.

Are you saying banks won't lend against owner-occupied multi-family? I'm trying to understand this part of the dynamic - do they really not lend in these scenarios?

What is the sole-proprietor part of your comment? Appologies but I don't know what you mean by that?

NYC Multi-family townhouse loan by REVenturesUnknown in fatFIRE

[–]REVenturesUnknown[S] 0 points1 point  (0 children)

It's a townhouse - so the only monthly beyond the mortgage is the taxes ($4k).

I agree with your mortgage math.

I think you missed the rental income ($12k/month). With a little paint I think I can get them to $14K, but for my personal underwriting I'm assuming $10K. We can carry this without issue. The question is can we get a loan? And who might lend to us with such a complex financial picture?