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I have a condo in a complex primarily owned by one owner 80% who is original developer, because of this fannie will not finance.

by shtrout326 from , California. Feb 17th 2015 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

That's right, that situation is considered to create lot of extra risk. You may be able to find a non-conforming loan from a local or regional lender, but it will depend on a lot of specifics about the complex and borrower. Try smaller community banks first. Good luck!

Feb 17th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

That is correct.. in fact, it will be near impossible to get financing on that project.. lenders have a keen eye on "Risk vs. Reward".. Condo's in general carry a greater risk in lending since during a down turn in the market, they are one of the first property types to decline in value, and conversely, one of the last property types to increase in value when the market is running strong.. lenders know this and they take extra precaution when lending on them.. they always require a condo questionnaire to determine if the property meets minimum eligibility standards.. in most cases, there is no leeway.. For the same reason a lender will not lend on this project, should be the same reason you should not buy it.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 17th 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Anything over 50% non-owner occupied is a challenge.

Feb 17th 2015
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

That is a complicated loan. Don't know whether or not you can get it done.

Feb 17th 2015
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