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LendYC:  Weekly NYC Condo Lending Newsletter
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$XXX,XXX,XXX =

Total $’s loaned to NYC condo buyers & owners last week

No, those are not Roman numerals.  We normally tell you the humongous amount of $$$’s loaned to NYC condos every week.  This week we are switching it up.  We are switching it up because it’s fun and because you might win some cold, hard cash (or cash equivalent; see below) to help save for your all-cash-home-purchase (everyone’s doing it, right?).  Read this e-mail and at the bottom you will find contest details.  It’s a jelly-bean-guessing-style-contest with Price is Right rules.

But, first let’s get back to your regularly scheduled program.    

Who has the best rates?

Good question, and the most common one when it comes to what you want from a lender but, impossible to answer - until now.

3.757% = average of fixed rate loans in NYC last week

3.058% = average of adjustable rate loans

The 3 lenders with the best average interest rates last week were:

  1. Ridgewood Savings Bank (2.625%)
  2. First Republic Bank (2.363%)
  3. Goldman Sachs Bank (2.640%)
Want to know the rates from other lenders?  We have you covered.  71 unique lenders made loans in NYC last week and we’ve got the rates from them all.

So here are two cool and super easy ways to find out if your lender is offering rates better than the market average or not.
  1. Search for your condo address on LendYC
  2. Reply to this e-mail and ask us.  We read every e-mail and will be happy to answer your questions or provide you a special ranking of lenders according to their interest rates.
How much do I have to put down?

58% of condo purchases in NYC over the past year were bought with CASH. Cold. Hard. Cash.

WE ARE THE 42%

$147,927,051 = total $’s of condos purchased WITH a loan in NYC last week.
 
If you need a loan to buy your dream condo in NYC, what should you expect to put down?

The overall NYC average down payment last week was 31.8% or $382,210.

Buying in Manhattan?  The average down payment in this borough last week was 31.2% or $572,343.

How about Brooklyn31.8% or $303,239.

Don’t have 31.8% / $382,210 to plunk down?  Have no fear.  Reply to this e-mail with your situation and questions and we’ll help you identify lenders to target.

Why should I know which lenders have made loans in my building?

Because it could speed up your application process! 

It can take more than two-months for a lender to approve a condo building for lending.  This doesn’t mean approve YOU for a loan; this means approve YOUR BUILDING for a loan.  Complicated, we know.

Plain and simple: you should know the lenders that have been active and have expertise in your building because it may pay dividends in the borrowing process.

It is now super simple to figure this out.  All you have to do is search for your address on LendYC.

Last week the condo addresses with the most lending activity were:

99 John Street, Manhattan
479 West 152nd Street, Manhattan
200 Chambers Street, Manhattan
188 East 78th Street, Manhattan

Now…On with the fun

How many $$$’s do you guess were loaned to NYC condo owners & buyers last week? 

Answer by tweeting with the #LendYCGuess hashtag (is that redundant?). 

Don’t have Twitter?  No sweat.  We’ll accept answers submitted by replying to this e-mail, too.

If you participate, you might WIN.  Win what?  You have two options of which to choose. 

Option 1:  We’ll pay for 3-months of your Evernote subscription (or comparable service).  If you guess the amount EXACTLY, we’ll pay for your entire YEAR.

Option 2:  We’ll set you up with a $25 gift card to iTunes.

Your choice.

We know this is a tough game so we’re giving you some guessing guidance.  Over the last 3 weeks, the $$$’s loaned were:
  • $152,773,778
  • $201,031,847
  • $203,289,991
Only answers submitted before 5pm Thursday (6/11) will be in contention.

Price is Right rules in effect (closest without going over).

Good luck and talk to you next week!

-Pat & LendYC

P.S. – Do you have any questions, comments, ideas, critiques, etc.?  If so, reply to this e-mail.  I read all of the e-mails and would be happy to listen or help.
P.P.S – this is Pat (CEO & founder of LendYC)
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Data from loans *recorded* in New York City last week.

Copyright © 2015 LendYC, All rights reserved.



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