Apartment Mortgage Loans For NYC Condos and Co-Ops

Finding the right apartment mortgage loan is key to making your dream of owning a NYC condo or co-op a reality. You’ll need to consider your down payment amount, annual net operating income, and the debt service coverage ratio (DSCR).

There are several apartment financing options available, including 신용카드현금화 bank balance sheet loans and government-backed loans. Each has its own pros and cons.

RCN Capital

Located in South Windsor, CT, RCN Capital is a nationwide private lender offering short-term bridge and fix-and-flip financing for residential and commercial properties. The company also provides long-term rental financing for experienced investors. The company’s lending team is committed to providing competitive loan terms and superior customer service.

According to the website, RCN Capital is a “full-doc non-QM lender.” The firm offers fixed-rate loans for single-family and multifamily residential properties. Typical loan amounts range from $50,000 to $2.5M. In addition, the company offers a variety of specialty loans. These include 203k, fix-and-flip and renovation loans, as well as short-term bridge loans. Moreover, it has a unique loan program called CoreVest that allows investors to use the loan as a line of credit.

The company is known for its high-touch customer service and fast turnaround times. Its borrowers can expect to receive funds within 10 days of submitting their application. Furthermore, it does not charge prepayment penalties for early repayment.

According to a recent employee survey, RCN Capital is a great place to work. The company’s culture is based on trust and openness, which makes it an excellent place to learn new skills. In addition, employees feel that their managers are supportive of them and care about the success of the business. This is reflected in the fact that the company ranks high on the Zippia Best Places to Work list.

Government-Backed Loans

Government-backed loans offer mortgage options to borrowers who would not qualify for conventional home loans. They come with fewer credit and down payment requirements, but can also have stricter eligibility rules. The three largest loan programs include the Federal Housing Administration (FHA), U.S. Department of Veterans Affairs and the U.S. Department of Agriculture (USDA).

Conventional mortgages are not insured by the federal government, so lenders have less financial incentive to approve borrowers with poor credit or higher debt burdens. In contrast, government-backed loans are insured by a government agency to ensure a certain percentage of the loan will be paid if you default. This allows lenders to be more flexible on the criteria they use to qualify borrowers and makes homeownership more accessible.

While the government backs these loans, you still work with a private mortgage lender. They may also have different requirements and fees than conventional loans. For example, FHA loans often require a lower credit score than conventional mortgages and they may have upfront and ongoing mortgage insurance costs that aren’t cancellable.

These differences are one of the reasons why it’s important to talk with a mortgage lender before applying for a government-backed loan. They can help you understand the requirements and costs associated with each option and provide guidance tailored to your unique situation.


HUD and FHA are terms that many home buyers hear without understanding the relationship. Both HUD and the Federal Housing Administration were established independently, but they now share many of the same responsibilities, including overseeing residential and multifamily mortgage loans and insurance programs.

While HUD does not lend money directly, they do help make it easier for lenders to offer mortgages by guaranteeing the loan against loss in case of default. This gives lenders the confidence to work with borrowers who might not meet traditional lending requirements, such as those with low credit scores or small down payments.

Because they are insured by the government, HUD and FHA loans typically have competitive interest rates compared to conventional mortgages. The exact rate depends on the program, property and borrower characteristics. In addition to low interest rates, these loans also tend to have flexible lending criteria and are non-recourse, meaning investors cannot be held responsible for the full debt balance if the loan goes bad.

HUD offers a variety of multifamily construction and refinance loans, such as the 221(d)(4) and 223(f) programs. These loans are ideal for acquiring and refinancing multifamily properties with some of the industry’s longest-term, fixed-rate financing options. To qualify, you must have a net operating income (NOI) that is high enough to cover your monthly mortgage payment and meet other criteria.