Financing in Saint Louis>Question Details

Jk, Real Estate Pro in Saint Louis, MO

I need to find an lender/investor for a non-warrantable condo. See details below.

Asked by Jk, Saint Louis, MO Tue Jan 26, 2010

It is 80% LTV; 778 credit scores; front end ratio 18% and back-end 25%. $200,000 of reserves. Loan Amount $380,000. 4 story, 4 unit complex. It is a purchase transaction. One unit sold in Aug '09 and my borrower wants to buy 1 unit. Two units unsold. Any guidance would be appreciated.

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4
Everyone. This was asked and answered back in January.
0 votes Thank Flag Link Wed Jul 14, 2010
This will be tough. Most lenders require a minimum of 10 units to qualify as a condo project. I would check with local or regional banks to see if this is one of their niche products.
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Tue Jul 13, 2010
We know of a bank that is doing this type of loan, but may not work with brokers (not sure). Call me at 314-518-9003
0 votes Thank Flag Link Wed Jan 27, 2010
Jk

Why can't you just take it CONV? If you can't I probably could, but I would need to see the whole file to know the whole story.
0 votes Thank Flag Link Tue Jan 26, 2010
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