Rate and Term on Bridge Loan

[Max Lefkowitz]

Hi Everyone,

I’m a newbie here, so please forgive me if I’m in the wrong place.

I’m about to buy a 3 unit property in NYC. My plan was to buy it with a Bridge Loan, do some extensive renovation and refinance using Rate and Term.

I spoke to a loan officer yesterday, he said that it doesn’t work anymore and the bank will not use the new value, instead they will still use the purchase price as the value.

It doesn’t make sense to me. Maybe it’s this banks own overlay?

Any help would be appreciated!