I would like some help in putting together a plan in order to take
a mortgage out on a building I own in Brooklyn .
This property is residential and I have 100% equity in it.
Looking forward to hearing from you.
Best Regards,
AD
To help you you will need to provide the following:
1.A
"P/L Statement" for the building. This should indicate the rent
roll, type and length of any leases, taxes, insurance costs, maintenance costs,
bills, etc. A bank is going to request this and more.
2.
The reason for the loan.
3.
If it is just to pull out cash, without any sound business reason, it is a
stretch in today's market or at the least, invites a higher interest rate.
4.
Income - the bank will ask for at least the last 2 years tax returns.
5.
what is his personal debt ratio and the buildings' debt ratio.
6.
His net worth.- Personal Financial Statement
This is a partial list and the bank will probably want more
information.
