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Hurricane Ida damage could disrupt thousands of mortgage deals in NY, NJ

Combined $19B of loans at risk; properties must be reappraised

(Getty Images)
(Getty Images)

Damage from Hurricane Ida could derail 47,000 property loans across New York and New Jersey.

Ida hammered the Southeast before the storm continued north. Around $7 billion worth of commercial real estate loans could be affected across the East Coast.

Lenders typically pause pending mortgage deals in federal disaster areas until properties can be re-inspected, which in this case could include thousands of properties, according to Inman. If damage impacts the home’s valuation, it could throw off a sale.

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There are around 30,500 deals worth $10.7 billion in New Jersey at risk and another 17,000 or so worth $8.7 billion in New York at risk.

The Federal Emergency Management Agency declared all of New Jersey and around a dozen counties in New York as federal disaster areas.

[Inman] — Dennis Lynch

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HamptonsMortgagesTristate-weekly