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canesf12
192 Posts |
 Posted - 08/04/2008 : 08:14:27 AM
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| my customer has been managing investment properties since 1995. He he is looking to close on 6 units of a 288 unit condo Building.(new construction) this looks like it can only be a commercial deal. Please contact me. |
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mcmoney
1179 Posts |
Posted - 08/04/2008 : 08:21:33 AM
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| Are these condos residential or commercial? |
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canesf12
192 Posts |
Posted - 08/04/2008 : 08:22:20 AM
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| Residential |
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mcmoney
1179 Posts |
Posted - 08/04/2008 : 08:24:18 AM
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| Residential blanket deals are VERY hard to get done at the moment.... |
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mganovsky
2123 Posts |
Posted - 08/04/2008 : 08:40:24 AM
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| This is a residential loan not commercial. If he was buying a 6 unit building then it would be commercial, buying 6 units in a 288 unit Condo complex that is zoned residential is a residential loan. Good luck to ya, the only way to do it would be if he put down at least 20% on each; and each unit is a single transaction. When completing the 1003 you must list the payments on the other units he is buying and place an LOE in the file so as not to confuse the U/W. I hope he makes a lot of money so he can debt out. |
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brad.easter
700 Posts |
Posted - 08/04/2008 : 08:42:15 AM
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quote:
Originally posted by mganovsky
This is a residential loan not commercial. If he was buying a 6 unit building then it would be commercial, buying 6 units in a 288 unit Condo complex that is zoned residential is a residential loan. Good luck to ya, the only way to do it would be if he put down at least 20% on each; and each unit is a single transaction. When completing the 1003 you must list the payments on the other units he is buying and place an LOE in the file so as not to confuse the U/W. I hope he makes a lot of money so he can debt out.
Agree! |
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mcmoney
1179 Posts |
Posted - 08/04/2008 : 08:42:51 AM
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| Ganovsky pretty much hit the nail on the head..... |
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davidfr
2673 Posts |
Posted - 08/04/2008 : 08:48:03 AM
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| What LTV is he looking for? |
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ML
5117 Posts |
Posted - 08/04/2008 : 09:02:12 AM
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Did you say...Florida?...Condo?...New Construction?...Investor?
Oh you should have no problem finding a home for these SIX loans!  |
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canesf12
192 Posts |
Posted - 08/04/2008 : 09:08:28 AM
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| Thank you guys. I am getting hard money AE's saying they will do it a t 12% 30% down 2 pts up front. but other then that I am having no luck. He already has 20% down. He would like to not put much more down. |
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