Financing in San Francisco>Question Details

Rick Mei, Real Estate Pro in San Francisco, CA

Looking for a lender who can do litigation condo <600 sq/ft.

Asked by Rick Mei, San Francisco, CA Tue Mar 19, 2013

I have a client who is looking to refinance his condo. The building is in litigation and his unit is around 300 sq/ft. Please let me know if any lender can do the loan.

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Answers

3
HI! Do you want to try Coast to Coast Funding Group 1(866) 468-6560?
0 votes Thank Flag Link Tue Mar 19, 2013
There is more to this than just a referral to someone that does condos in litigation.

Two issues.

1) The litigation.
As long as the litigation has no impact on the safety, structural soundness, habitability, or functional use of the project it should not be an issue.

2) The less than 600sq/ft GLA
Since San Francisco is considered a "resort area' it may be difficult to find financing for this. You will have to show that the condo is suitable for year round use and not being managed or operated like a hotel, motel, resort, inn, or lodge.

Contact me if you like and I can give you a definitive answer as to what can be accomplished.
0 votes Thank Flag Link Tue Mar 19, 2013
I will call you in the morning to discuss.

Regards.
Flag Tue Mar 19, 2013
Please call me at 415-787-2123 or email me at rick@climbsf.com.
Flag Tue Mar 19, 2013
Hi Rick,

Try First Republic Bank. They do finance condo purchases and refinancing in litigation buildings. However, they will ask for 30% down payment and the borrower needs to bank with First Republic and have a balance of at least $ 2500-3500/ month.

Good luck!

Alina Aeby-Broker Associate
Pacific Union International
415.744.4844
http://www.bestsfhomes.com
0 votes Thank Flag Link Tue Mar 19, 2013
Sorry about that, I have to admit that the transaction I was involved in was for a larger condo. Private loan or maybe you will find a mortgage broker who will do the loan through Trulia. Good luck!
Flag Tue Mar 19, 2013
We have tried. They can't do it because it is smaller than 600 sq/ft
Flag Tue Mar 19, 2013
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