Home Buying in Manayunk>Question Details

Leigh Corcor…, Real Estate Pro in Philadelphia, PA

I am building ground up 8 bed 2 unit in temple university ,I have construction loan contingent upon permanent financing , cant get perm loan .

Asked by Leigh Corcoran, Philadelphia, PA Wed Mar 2, 2011

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Alan Openshaw’s answer
Alan Openshaw
Mortgage Broker
or Lender
Warminster, PA
..BEST ANSWER
Hello Leigh,

if you can get a construction loan you should be able to get permanent financing. Maybe you are going to a lender that does FNMA and Freddie loans only. You probably need a portfolio lender.
Call me and I'll be gald to put you in the right doirection.

Best Regards,
Alan Openshaw
Cornerstone Lending Inc
720 Second St Pike Suite 104
Southampton Pa 18966
Office 215 953 0800
Fax 215 953 1706
Cell 267 992 7276
Voted Best of Bucks 2010
0 votes Thank Flag Link Thu Mar 3, 2011
Leigh,
What is the issue with getting permanent financing? Some investors, because of the number of financed properties that they own, have difficulty getting financing from conventional lenders. Is that the problem?
Ed Fallon, MBA NMLS#144708
Arlington Capital Mortgage
CELL: 610-308-9001
0 votes Thank Flag Link Wed Mar 2, 2011
Leigh. If you are reffering to a basic 2 unit residential investment property, then refinancing a construction loan afterwards should not be a problem provided you qualify and are looking at a proper LTV (75% or lower is ideal). Feel free to reach out to me to discuss further

Joe Cafiero
Superior Home Mortgage
610 594-6611
jcafiero@supmort.com
0 votes Thank Flag Link Wed Mar 2, 2011
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