Who Lends Here in NYC Coops and Condos

As a NYC listing agent one of my first tasks when I land a new listing is to find a lender that will loan in the building. Not all lenders will loan in a particular building. Some listing agents leave it to chance hoping the buyer will find a lender that will approve the building.

In NYC a buyer/borrower may be very well qualified for a loan but the coop or condo they're looking to buy may not qualify or be approved by their lender. There are many different reasons and variables why a particular lender may not loan in a certain building. Getting a building approved can be a long process particularly in self-managed buildings. A buyer making an offer with a pre-approval from a mortgage broker with a history of closings in the building may be considered a stronger offer by the seller.

Richard Barenblatt, a NYC mortgage broker started new website Who Lends Here  a free solution resource for buyers, sellers and agents in Manhattan and Brooklyn.  

Just type an address into the designated box on Who Lends Here’s homepage. The site then displays a list of mortgage specialists who have done business in the building.

By showcasing lenders who have experience closing deals in specific condos and co-ops, potential buyers gain streamlined access to competitive financing options, despite the underlying ownership structures that might normally impede the process. A buyer's offer with a pre approval from a lender that has already done loans in the building may have a competitive edge.

The site is notably simple and transparent and plans on expanding to the Bronx and Queens.