I know that I'm a little late to this thread, but I'd suggest calling on any of the folks below. They should be able to let your client know very quickly whether or not it will be possible to do a loan in the building. Good luck to you.
Daniel â€œDanâ€ Larkin, Senior Loan Officer
Sam Sharp, Vice President of Mortgage Lending Retail Division
1555 Naperville-Wheaton Rd.
Naperville, IL 60563
630-388-1300 x 253 (ph)
2936 W. Belmont Ave.
Chicago, IL 60618
Broker Associate, Keller Williams Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
(773) 418-0640 (cell) (312) 577-0985 (fax)
Wintrust does offer some portfolio loan options for non-warrantable condos so if you called Ryan or Jim as other agents suggested they can point you in that direction.
However, I would caution the buyer that trying so hard to buy in a project where obtaining financing is a problem may lead to challenges for owners to sell which can apply downward pressure on property values and trigger other issues such as special assessments, so perhaps rather than trying to get around this loan guideline the buyer should look for a condo unit in a more stable association.
Either way good luck.
I have a wonderful lender who specializes in condos. His name is Jim Walsh at Wintrust Mortgage. He always responds and as a mortgage broker can find different banks to get loans done. He is a hard worker and really cares. You can contact him at email@example.com or office 773-303-0035.