Need help finding options to finance the purchase of a condo where developer still owns 4 of 18 units.
I have 10% down, so I would be doing an 80/10/10. Property is $649k. Credit scores in the low 800's. Only have a car lease payment of $474 each month. No other debt. Live in Los Angeles, CA. Developer is currently renting the units, but plans to sell two shortly, however they still would have 10% ownership until they sell a total of 3. Do I have any options?? Thanks in advance! by Starbuckschai933 from , California. Jul 19th 2014
Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions
It definitely is a situation that could be described as a "nonwarrantable condo" whichnot every lender does. Mr. McFedries gave helpful directions to at least one of those lenders websites. They need to seek approval after answering an extensive questionaire and obtaining information from the HOA, as do other lenders. This fits in the category of the less than 1% I broker though for some yearsI exclusively brokered loans. Brokering is great...it means more options! The 80/10/10 is a good option over having mortgage insurance.
Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions
I do unwarrantable condos. We do them in 50 States, though I personally only do loans in California. We have also long been doing the 80/10/10 for quite some time. For a competitive bid or to answer further questions please go to my profile or graylending.com, my personal website.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Yes, It can be done, but you need a lender who does non-warrantable condo's. It looks like Larry Gray might be able to help you.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Jason Wood (valoanguy)
#709 ranked lender in California - 15 contributions
We do non-warrantable condos as well. If you would like to discuss more I'm also fairly close to you in N. San Diego County. Call Jason Wood at 760-217-0820.
Thanks, everyone. Someone else put an offer in and it was accepted. I'd heard the deal might fall apart over the weekend, but apparently they cleared their hurdles and the condo is now someone else's. As soon as I find out when the developer plans to list the next units (could be next week, could be 6 months from now), I'll use the leads here! Wish I would have posted here when I first discovered the problem with the ownership 2 weeks ago before this other offer was put in.
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