mortgage on new condos

VETTE4859 · Joined: 20 Mar 2008 Posts: 1 1.30 Dollars($)

I have biult 4 new condo's and cannot find a lender to finance the buyers until I have sold 51%. I need a lender that is willing to deal with the sale of the 1st and 2nd condo.
THIS IS TURNING INTO A REAL CONCERN.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi VETTE,

Welcome to the forum.

There are so many lenders from all over the United States. You can contact then directly at http://www.mortgagefit.com/unitedstates/

I think someone will surely help you out.

Best of luck,
Larry

kpatrick · Posted: Thu Mar 20, 2008 9:02 pm Post subject:

Hi Vette,

I'm sure that there is something that can be done...but I need some more information.

1. What do you need to net on the property, what is the sale price, and what is the approximate value.

2. Where is the property located?

3. Are the units fee simple, or are they part of a big condotel type property?

I will look into it in the morning, but these answers will help me, help you!

Smile

gmakerley · Posted: Fri Mar 21, 2008 7:45 am Post subject:

vette, you will not find any conventional lenders willing to take a flyer on a new project that is incomplete, unless they have a builders' area that can take on new projects such as yours.

you'll probably be best-served to find someone who can broker out the deal to an alt-a lender or subprime lender (you mean they still exist????).
yes, by the way, they do.

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