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Condo Conversion Financing

 

Due to current market conditions, Condo Conversion requests are not being accepted at this time unless your project has the following available:

 

- All required permits approved

- Presales of 50% to 90% of the project with Non-refundable deposits in escrow

- Must have 50% or more to cover down payment for purchase

- Must be able to cover 35% to 50% of the conversion costs

 

All Condo Conversion requests will be Hard Money Loans only until further notice. Please expect Interest Rates in excess of 12% and Lender Points of 6% to 9% in addition to Broker Fees (minimum of 2%).

 

 


Product details

 

Lenders are limiting financing at this time to 50% LTV of the "quick sale value" which is typically 30% to 40% less than a full MAI Market Value.

 

Also new restrictions are in place regarding Seller Carry Back's and Second of any kind on property acquisitions which means that if you are purchsing the property at or near the Appraised  Value obtained by the lender, please expect that you will need to put down close to 60% or more of the purchase cost.

 

All lenders are currently requiring a minimum 12 month interest reserve which is deducted from the loan proceeds in addition to Lender Fees, Broker Fees and other costs related to the closing of your loan request, thus reducing the "Net" amount to you at closing.





Product price or special offer

Minimum 2% Broker Fee