is financing available at the Beacon?

Asked by Henry, San Francisco, CA Sun Aug 30, 2009

I have heard that due to litigation, there is no way to obtain financing in the Beacon anymore. Is that true?

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7
Joanne, Home Buyer, South San Francisco, CA
Mon Sep 29, 2014
yes i work for a broker who has lenders available and can lend on condos that are in litigation. We currently have 2 refinances in process and condo is in litigation similar to yours (Structural) will do loan amount up to 625,500
please massage me if interested and i can forward you my brokers contact info. thanks
0 votes
Roh Habibi, Agent, San Francisco, CA
Sun May 25, 2014
As the Vanguard Properties building specialist for The Beacon at Mission Bay I have a lot of experience with lending and the litigation at the property. Please contact me anytime for more information and I can forward some contacts over to you :)
0 votes
Paul Hwang, Agent, San francisco, CA
Fri Feb 18, 2011
Yes, there is financing available if you qualify.
Web Reference:  http://www.paulhwang.com
0 votes
Lorraine Mei…, Agent, San Francisco, CA
Tue Sep 8, 2009
Hi Henry,

Two units closed there in the month of August and both of the buyers obtained financing from http://www.quickenloans.com

It seems like the litigation there is ongoing---one thing after another. I know at least a dozen agents whose buyers have tried to get financing there and it was denied. My guess would be that 99.9% of lenders will not lend there.

If you are thinking about buying there my advise to you would be to look elsewhere. There are a lot of other condos that don't have these types of problems attached and are priced right!

Good luck!

Lorraine Meier
DRE# 01439005
415.596.9362
cityrealtorsf@gmail.com
Zephyr Real Estate
318 Brannan
S.F. 94017
0 votes
Nicholas, , San Francisco, CA
Tue Sep 1, 2009
Yes, and from what I heard there was a big to-do earlier as well, having do with incorrect square footage being advertised for the units.
0 votes
Tue Sep 1, 2009
Wow this is still going on???

Gregory Garver - Commercial Real Estate Broker
Broker License# 01716531
(415)225-9894
gregory.garver@gmail.com
http://www.gregorygarver.com
Web Reference:  http://www.gregorygarver.com
0 votes
Nicholas, , San Francisco, CA
Mon Aug 31, 2009
Hi Hendry, I work for bank of america, and I just had a refinance denied there because of the litigation. There is currently litigation between the hoa and the developer due to structural repairs that have not yet been made. This raises a red flag with most lenders. It is not known how the lawsuit will be settled, if the hoa may have to do a special assessment to pay for any lawsuit expenses, and most importantly, some structural repairs have still not been made. Apparently now they are conducting tests on select units for the next few months to see if the ventilation is up to code or if it allows units to get too hot. I have also heard that there was recent friction between the beacon commercial association and the residential hoa, but I am not sure if that has been resolved. However, making housing affordable refinances are still possible, as you don't need the project to get re-approved. For purchases, some are probably being made cash, and there are a couple of smaller lenders that I have heard are willing to make loans in that building. I believe one is a mortgage broker named pinnacle mortgage, however a few weeks ago, they said that the bank that they were using to fund those loans was not lending due to some unrelated compliance issues. Anybody else getting any loans done there?
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