Why Lending in Manhattan is Different

The latest episode of my podcast has dropped- Why Lending in Manhattan is Different at  https://harlem-stories.com/Condo’s, Co-op’s, Condop’s HDFC’s, SRO’s Land Lease buildings, etc- Real Estate in Manhattan doesn’t quite work the same here as our product mix is different. While we will bring in Bankers to the podcast in the future to address some specifics of the market here- today we discuss the foundation of why lending in Manhattan may be different than what buyers experience in the rest of the nationIn this episode a few topics we discuss:·       Lending in Condos vs Co-op’s·       Agency lending vs. Portfolio lending- and why it makes a difference to you·       Just because the lender sent you a pre-approval doesn’t mean the bank will underwrite in the building you want to buy in·       Specialty Lending situations- Using the right lender for your needsIt’s also worth mentioning that while we don’t discuss down payment norms in this episode, we did discuss this in the Condo vs. Co-op Part II- where most condos are seeking at least 10% down and most co-op’s require at least 20% down. In case you missed last week’s episode- Demystifying the Upper Manhattan Townhouse Market for Buyers - you can also listen at the same link above or subscribe via Apple Podcasts and Spotify under the name Harlem Stories.Thank you for listening to Harlem Stories.