Financing in 60611>Question Details

Daniel85, Home Buyer in Chicago, IL

I am hoping to buy a investment condo in Chicago, but need a non-warrantable loan. Unfortunately i can only find lenders who do this on owner occupied

Asked by Daniel85, Chicago, IL Thu Sep 30, 2010

I am hoping to buy a condo in chicago as an investment, but the buildings im looking at have a very high % of renters. I was told I need a non-warrantable loan, but the only lender I've found who does this, only does so for owner occupied not investor. I need help!

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Do you have investments? I know of a program that allows you to securitize them for a mortgage under 5% interest.
0 votes Thank Flag Link Tue Oct 19, 2010
Looks to me like you need a loan agent at a bank, not real estate agents. Contact your local bank and have a talk with them...

Good luck.
0 votes Thank Flag Link Fri Oct 15, 2010
Call Corey Souliotis 815-690-6390
0 votes Thank Flag Link Fri Oct 15, 2010
HI! DANIE85,
I HAVE SOME GREAT LENDERS THAT WILL HELP YOU , WITH A NON-WARRANTABLE LOAN

JEFFREY ZIGA!
CENTURY 21 MCMULLEN,
773-527-0019
0 votes Thank Flag Link Thu Sep 30, 2010
Not sure if they can do it or not - but they are currently doing a pretty creative loan for one of my investors. Maybe you should give them a shot? My contact is James Poueymirou at the Beverly Branch of Wells Fargo. You can reach him at James.R.Poueymirou@WellsFargo.com.

BTW: have you every thought of purchasing these properties through an IRA? I have a couple of properties that I own that way. It's sweet! Locally, you can go to http://www.entrustiraadmin.com/ They will walk you through the process step-by-step.

Good luck!
mary!
0 votes Thank Flag Link Thu Sep 30, 2010
Hi Daniel,

My experience has been that the investor will usually be required by the lender to deposit a 25% down payment.

Other than the above most of the other restrictions, i.e., the building/unit condition, HOA, rules/regulations, reserves, occupancy rates, etc...will all come into play when determining if the building will even qualify.

Hope this helps. Feel free to contact me directly if you have further questions or call Michael Poland 773-770-7524, Senior Banker.

Good luck!
0 votes Thank Flag Link Thu Sep 30, 2010
Hi Daniel,

A couple of my buyers have had to go with "non-warrantable" loans so I know that the lenders I work with are able to do it. They will have some questions for you about the type of financing you are trying to establish and they will need to know information about the building obviously but I would be MORE than happy to refer you to them! You can call me at 773-991-9359 for their info.
0 votes Thank Flag Link Thu Sep 30, 2010
My web site has some references and I know one of them can do want you want. I can also give you a few other possibilities if you send me an email. It's not easy to get those and you will probably need to put more than 20% down, but that is one of the thousands of hoops people need to jump through to get loans these days. That is partly why prices are down so much from the bubble years.

philip
0 votes Thank Flag Link Thu Sep 30, 2010
The few lenders out there that offer nonwarrantable loans want owner occupants. I could be wrong, perhaps someone out there knows of a lender?
0 votes Thank Flag Link Thu Sep 30, 2010
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