RobdBates
2 Posts |
 Posted - 03/27/2008 : 08:46:43 AM
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I have several clients all with 700+ FICO's looking to buy individually priced condo's in Des Plaines, IL. The Property was converted to condominiums in 2000, there are 154 Buildings totaling 924 Condo units which is 6 units per building. Now the problem I'm having is that I can no longer get these purchases done residentially, but for my clients looking to buy bulk 5 condos or more I understand I still have options; Commercial options, but I'm not sure how to structure the deal to the point where it is not looked at as Multifamily apartment building, but seen as a building that has 6 individually priced and pinned condos producing rental income. If anyone knows how to structure this deal or has any suggestions your input would be greatly appreciated or if anyone knows of any lenders that could help me with the following scenario(s), that also would be appreciated.
RESIDENTIAL
PURCHASING 1 UNIT
ALLOW UP TO 18 PROPERTIES
STATED or FULL DOC
INVESTMENT
NOO
85 to 90% LTV
Illinois Property
or
COMMERCIAL
PURCHASING BULK 6 CONDO'S AT A TIME
ALLOW UP TO 18 PROPERTIES
INVESTMENT
STATED, NO DOC or FULL DOC
80 to 90% LTV
NOO
DCR MIN. 1.15
Illinois Property |
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