New York (City, Westchester) Investor--- which banks?

[Adrienne G.]

Interested in knowing if any investors in NY are around.. how are you financing if not planning on living in the property?

Any lenders you would recommend and how much higher are the rates are you seeing?

Are you needing 20% down?

Thanks!

[Scott Wolf]

@Adrienne G., it depends on what and how you're buying. If buying 4 units and under, in your name, you should be able to put 20% from a local bank. If 4 & under, in an LLC, they may request a personal guarantee with 25% down and a bit higher of a rate. Over that and you're in the commercial space, which will likely require 30% down.

I used PCSB for the loan on my investment in Dutchess County.  If my current offer gets accepted, I'll probably use them again.