Financing in 92109>Question Details

John Ledger, Home Buyer in San Diego, CA

Need a conventional loan on a vacation condo for a foreign national in San Diego.

Asked by John Ledger, San Diego, CA Sat Sep 22, 2012

I'm a UK national looking to buy a condo in San Diego
Purchase price approx $650k
Can put 45-50% Down

12 units in the complex but only 2 are owner occupied
2 units owned by the same person
Most of the units are rented as weekly as vacation rentals
It's a short sale.

Can anyone help? - I want a conventional loan not hard money.

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Mike Jones’ answer
John, are the 10 units vacation homes or rentals. In regards to the one owner owning 2 units it costs $200 to get an exception from FNMA to get a condo approval for that. That should not be too difficult because of the small size of the project. The big question mark it the other 10 units. With 50% down we can help with the foreign national part.
0 votes Thank Flag Link Sat Sep 22, 2012
Hello John,

I can and will find you the perfect units that will be a great vacation rental with huge cash flow profits. I work with the best lenders in the United States(top ten in volume of sales) that work with international buyers to help you with financing.Feel free to contact me.

Michael Alex
Real Estate Consultant
cell. 619.581.9348
Pacific Sotheby’s International Realty
San Diego, CA
0 votes Thank Flag Link Sat Sep 22, 2012
Hi John,
We can do it, conventional. I am 100% positive regardless of what people post on here. We use this lender for these situations with HOA problems such as occupancy issues like you have just stated. They are not a hard money or portfolio lender. I only need 20% down and a 680 FICO and can use future rents to qualify, if needed. They even give us 24 hour loan approvals. We don't charge any points either.

Trust me, when big banks fail at these type of loans, they get flipped to us. I've closed at least one of these per month for the last year, just like this situation.

Valli Lopez
619.916.9595 cell
0 votes Thank Flag Link Sat Sep 22, 2012
hi John,

I believe my lending team can help, conventional will not touch it, but there is portfolio money available at decent rates

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
efax 619-270-2516
0 votes Thank Flag Link Sat Sep 22, 2012
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