Securing financing for commercial properties in Manhattan can be a complicated process, particularly when the property is a commercial co-op, and the borrower is self-employed. Yury Gohkberg, a Mortgage Loan Originator, worked closely with the client, lender, and co-op board to overcome these challenges and ensure the deal closed smoothly and on time.
The property, located in a commercial building, was purchased for $650,000 with a 65% loan-to-value (LTV) ratio. As is typical with co-op transactions, both lender and co-op board approval were required, adding an extra layer of complexity. Co-op board approval can often be one of the toughest hurdles in New York real estate, especially for self-employed buyers. Thanks to Yury’s expertise and proactive approach, the process was streamlined, and the financing was successfully secured. With the deal finalized, the borrower is now poised to move forward with their business in a prime Manhattan location, all made possible by Yury’s careful coordination and problem-solving.
This recent loan closing for a self-employed borrower is a perfect example of how we help clients achieve their real estate goals, no matter how complex the transaction may be.
If you’re looking to finance a commercial property or need assistance with a specialized real estate purchase, contact MortgageDepot today. Our experienced team is here to help you!