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schultz.fir
892 Posts |
 Posted - 08/13/2008 : 3:22:14 PM
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Specifically Downey Savings. (But if you have general insight, please input!)
I have client with a multi-unit property that has been converted to condos. The owner wants to sell one of the units and ask Downey to release the loan as it pertains to that particular unit. Developer doesn't want to refi out of Downey loan. - That would have made all these questions moot!
I can get appraisals of the remaining units to show that EACH of them have enough value to cover the outstanding loan balance. What are my chances of asking them to move the multi-family loan to just ONE unit, releasing the others? Will they insist on a buydown of principal? If so, what percentage would we be looking at?
I am not sure how to counsel my client in this matter. I would like to give him an idea of what would be an equitable and fair proceeding. |
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lucky1s
3620 Posts |
Posted - 08/13/2008 : 3:28:46 PM
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Used to be that in order to get a partial reconveyance, a partial paydown must be determined by the bank and a demand submitted for same.
How that figure is determined is up to the bank.
With new construction those payoffs have usually been predetermined to keep things running smoothly throuout the sales process. |
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Hopland
2089 Posts |
Posted - 08/13/2008 : 3:32:03 PM
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| Downey should jack up the terms of the loan because now it's a 100% tenant occupied condo project. :-) |
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