I need a loan to buy a second home (actually a condo) in downtown Orlando, specifically the Metropolitan at Lake Eola.
The unit is not FNMA or FRMAC eligible as renters represent approximately 75% of the occupied units. I'm willing to put down $31,500 or 30% of the $105,000 sales price and would like to know if you have lenders who will consider this opportunity? I would like to move fast and have items available to facilitate your decision making. For instance I can email these items and more such as estoppel, appraisal, codo association casualty and liability insurance certificates as well as mortgage acceptance from Chase Bank, who denied the loan based on master insurance coverage or lack thereof. My phone number is 305-720-7285.Thank you,Paul Geltzer by pgeltzer992 from , . Jul 30th 2013
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
If occupancy rate inside this complex for owner occupied and 2nd home combined are less than 51% than there is no conforming type financing available.. there are many other factors that go into condo financing that there's more than likly other factors that would disallow this complex (such as master insurance, as you stated). no one really knows until the condo questioner is filled out and analyzed. However, to be honest, you should not be looking at this complex if it has all these deficiencies.. the very reason why the lender will not finance on this property should be the same reason you should not consider buying it.. the lenders understand what aids in property value appreciation and depreciation.. If this property has a high rental or vacancy ratio, that's a sign that the values of these units have been declining.. so my advise is to go find another property in a more stable environment.. .. 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. 480-287-5714 WilliamAcres.com
Steven Cook (stcookmortgage@gmail.com)
#37 ranked lender in Washington - 256 contributions
Paul - there may be a couple of portfolio lenders who would be willing to work with you on this purchase. Check with a licensed, local mortgage originator,and ask for his assistance in finding this program -- he should be able to broker it out and keep your costs in the same range as if he were doing theloan in house. They would need nearly the full 30% down to get this to work, but you may be able to do it, if this is what you really want!
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Your standard FHA, VA, Gannie Mae and Freddie Mac loan products will not lender for that property with such a high number of rentals. There are some smaller portfolio lenders that will lend, and do not care about the number of rentals. I do not know of any in your area, but I am sure if you look hard enough, you can find one. Now, the reason for the rule is that such a high number of rentals tends to be a negative "feature", so be sure you know what you are getting into by buying into such a project.
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