Late yesterday afternoon, the sales team at Downtown Brooklyn's BellTel Lofts, the condo conversion of an old phone company office building, sent out an e-mail advertising a limited-time-only 4.00% fixed interest rate for a 30-year mortgage. We know this because the forwards instantly started piling up in the Curbed Inbox. The question was asked many different ways, but no more bluntly than how this tipster put it: "How is this possible?" We don't know! So we went to the BellTel folks and asked about the cheap rate. Here's what they told us:
The Developer has developed a program to lower the buyers/borrowers interest rate well below the current market interest rate. This program is funded by the developer which will give the borrower a 30-year fixed rate (no short-term loan, no teaser rate). This interest rate buy-down is for the life of the loan. The interest rate is dependent on borrower qualification, the amount the borrower takes from the bank, and subject to borrower qualification. The rates may be subject to change without notice, but please call for a detailed analysis.Tempting? Sure, but without a Real World cast to heckle (memories!), can BellTell SellWell?
· BellTel Lofts [Official Site]
· BellTel Lofts coverage [Curbed]