Our partner, Ernest Bannister, discovered the N 31st deal in Philadelphia and brought it to our attention.

normally from what I've seen on a national entitlement and an institutional level most people avoid deals that don't have public utilities and I'd recommend the same if it isn't too late.

But then two of the investors I worked with analyzing this deal discovered an engrossing revelation…Included in the documentation letter contained an appraisal report assessing the property at $610,000.00!!

If anyone is interesting in what I've discovered, DM me.

The reason I am writing you is because I had the same question of whether there was a "catch" when I first "discovered" Albany's favorable cap rates and relatively low prices as compared to NYC (I live in Brooklyn and grew up in Jamaica, Queens).

Would appreciate any insight you might have discovered since your post.

BUT, borrowers need to know that borrowing from individual investors is WAY different that borrowing from a lending institution or business set up to lend money.  

If you use that @ symbol and the name then that will flag us (like I did with you) but here are your answers:Yes, the 10 loan limit is a Fannie/Freddie limit.Basically a credit union is a "not for profit" lending institution. 

It's good that smaller banks, financial institutes are competitive.

I’ve worked with developers in the past that were set on the building they wanted only to discover that it wasn’t feasible from a building code and zoning standpoint.