Legal Question in Real Estate Law in New York

I financed my NYC coop purchase with a 25% LTV mortgage in 2011. It is my primary residence. I am attempting to refinance with same lender for better rate. I attempted last fall to refinance and the bank denied because the place was vacant. We were about to start a gut renovation. I am trying again and the bank is requiring a 50% LTV. The bank is aware of the gut renovation from the first refinancing attempt, but did not ask any information about it this time around. I'm not sure how they came up with the required market value, but it is greater than the purchase price plus the money we put into renovation. Our credit is the same as it was - excellent credit scores and all payments timely. Both times the bank has required a non-refundable $500 processing fee. Is a bank allowed to arbitrarily require any LTV for each customer? Can they arbitrarily determine what the value should be? If denied again, do i have any recourse?


Asked on 4/22/12, 11:09 am

1 Answer from Attorneys
Thomas Sirianni The Law Office of Thomas A. Sirianni

Thank you for submitting your question. In order to advise you regarding your issue, I will need more detailed information. Please feel free to give me a call anytime on my cell at 516-314-1343 so that we can discuss the particulars regarding your inquiry.

I look forward to hearing from you.

Tommy A. Sirianni, Esq.

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Answered on 6/05/12, 7:59 am


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