Financing in Chicago>Question Details

Joe, Real Estate Pro in Mesa  Dunes Estates,...

Im currently selling a 6 unit condomium builiding and need a bank that will finance a "first unit" sale . Unit prices range from 345-575k.

Asked by Joe, Mesa Dunes Estates, Yuma, AZ Wed Feb 16, 2011

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Greetings Joe,

Happy to assist. I am a senior loan officer, field underwriter, direct endorser with Fannie Mae and Freddie Mac as well as knowing the nuances of the condo market. Approval IS viable. For all my clients, I offer approvals for all condo buildings going in to be approved for FHA/VA as well as Fannie Mae and Freddie Mac at no cost. I just approved a new project, 8 units in Roger's Park. With the new compensations that are hitting the fan, compliance and regulations making muck, the prudence of working with THE direct funder is ever so convincing in today’s environment. The old adage of the banks being conservative is no longer the case. The landscape has changed completely. We ARE the bank who delivers the warehouse lines to other lenders.
Work with the source for fast and accurate results.
You may reach me at 312. 274.4139. I have been working in the condo market for the past 20 years.
Mary, Wells Fargo.

Kindest regards,
1 vote Thank Flag Link Wed Feb 16, 2011
Joe,

You're good hands with Aimee. Depending on the number of higher priced units, I would suggest getting the development FHA approved as well; this will increase your qualifed buyer pool.

Best,
Andrew
1 vote Thank Flag Link Wed Feb 16, 2011
You can reach Ryan Mecum at rmecum@wintrustmortgage.com. He is excellent.

Good Luck,

Mark Malave
Web Reference: http://www.markmalave.com
0 votes Thank Flag Link Thu Feb 17, 2011
Hi Joe,

Contact Mary McElree @ Wells Fargo, she is phenomenal and very trustworthy: 847-770-3075 (M) or 312-274-4139 (D). She also responded to your inquiry.

Good luck!
0 votes Thank Flag Link Wed Feb 16, 2011
We definitely will do "first in" sales although as you clearly know most banks won't. Especially if you work with our Chicago-based condo approval department for Fannie Mae approval, Wintrust has viable options for developers to get the critical first units closed. Contact me for more info to get started so you can convert those units from listings to closings.
0 votes Thank Flag Link Wed Feb 16, 2011
I have several options for your -
Please call me at 312 217 4030
Sam Sharp
Senior Vice President
Guaranteed Rate
0 votes Thank Flag Link Wed Feb 16, 2011
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