Condo Conversions

Author

Previous Topic | Next Topic

mjs0325

217 Posts

Posted - 05/19/2008 : 3:06:11 PM

Does anyone know of any investors that are still allowing Condo Conversions?

Any help would be Greatly Appreciated. Thanks.

forklift

191 Posts

Posted - 05/19/2008 : 3:12:10 PM

Also wondering. I have one that is around 650 sq ft, which makes is tough.

BASE

96 Posts

Posted - 05/19/2008 : 3:17:51 PM

I may be able to help. Where is the property located?

Here is an idea what we do:

Types of Loans: 1st Mortgages: $500,000.00 to $10,000,000.00

2nd Mortgages: $500,000.00 to $2,000,000.00

3rd Mortgages: with exceptions

• Cross-Collaterize to maximize loan amounts.

Types of Properties: Apartment Buildings and Multi-Family Use, Condo Conversions, Casino’s, Land, Office Buildings, Retail and Shopping Centers, Hotel - Motel, Industrial Buildings, Warehouse and Industrial, Medical Buildings, Strip Malls, Unoccupied Buildings, Restaurants, Storage Facilities

CLTV: up to 75%, exceptions available.

Location: California and Nevada only

Loan Terms: 1 month to 2 years

Prepayment: From no Pre-pay to a 6 month soft Pre-pay

Rates: 12 to 18% interest only, depending on the property

Fees: 4-8 points, included in the loan.

Closing Costs: Standard third party costs’ include but are not limited to title and escrow.

Types of Borrowers: Individuals, Corporations, LLC’s, Trusts, Combined multiple borrowers in a single transaction. Non-FICO driven.

Funding Time: 5 -7 business days with complete package

TJ Sokoll
Unifund Financial Services
714-232-3864
TJ@TJSokoll.com

rdcurry

406 Posts

Posted - 05/19/2008 : 3:28:28 PM

Most still allow condo conversions, though most require them to be converted for a period of time before they lend, in our case it's 2 years. Sq Ft is not an issue really, getting comps is the problem.

chrisjonesloans

169 Posts

Posted - 05/19/2008 : 4:05:03 PM

I have a source that does them. They are only retail though.

forklift

191 Posts

Posted - 05/19/2008 : 4:21:20 PM

Mine is newly completed in DC for $350k, looking for 90% w/ 5% of that gift.

I know ING does these, but they want 75% on condos.

Thanks.

mjs0325

217 Posts

Posted - 05/20/2008 : 2:26:09 PM

bump