Not all lenders are beholden to FM guidelines. If you send me an email I can send you a couple of referrals.
Lance King/Owner-Managing Broker
Mortgage Banker lending in AZ, CA, and NM
1: Conventional TIC Loans. The problem here is everyone needs to qualify. It is not the same as a conventional loan!
2: Fractional Loans. This is where the TIC lending is heading. This allows owners to refinance or purchase just their unit. A property must be one or the other with regards to the type of loan. Contact one of the lenders below to get additional information.
Check with a CPA before making any decisions.
Sterling Bank http://www.sterlingbank.com
Circle Bank https://www.circlebank.com/
Bank of Marin http://www.bankofmarin.com/.
We have run into this situation many times and believe it or not, I have a solution for you! Most of the lenders you are speaking with are unfamiliar with condominium lending and the rules and regulations surrounding this portion of the industry. Although their underwriters and guidelines are clearly stating that one owner cannot own more than 25% of the building, or in your case 33% each of a 4 unit building, what they don't know is if presented correctly, Fannie Mae could possibly grant an exception. We are experts at positioning and submitting our files to Fannie Mae and have about a 90% success rate at achieving these exceptions with Fannie Mae. I would be more than happy to take a closer look, analyzing the situation, and providing you with my professional opinion. Feel free to contact me at;
MetLife Home Loans
Specializing in Condominium Financing
If you need a referral, let me know. Good luck.