I have several investors who have or will be converting their multi-unit properties into condos. I need financing for the purchasers. Most of the buildings are 6-12 units, however, there is a 27 unit and 40 unit complex being rehabbed and converted. Majority of properties are 3-4 stories. 6 unit property that may be issue: low rise building (3 stories); each unit is <850 sq. feet; all are 2 bedroom; 1 bath. Complete rehab of interior and exterior, however. Looking at current and former tenants as prospective buyers. Any and all contacts; numbers and suggestions welcome. Sellers willing to assist with closing costs. Properties located in the western suburbs of Chicago and near Southside of Chicago. Need fast turnaround. Each buyer will be prequalified prior to submission (in- file trimerge; proof of income and downpayment, therefore, prospective loan parameters are needed.
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I have clients in Illinois interested in purchasing a condo in a low rise building (< 4 stories). Scenario 1: building is condo conversion in process: 12 unit building. 6 of the exsiting tenants are interested in purchasing their units. The remaining will be listed with realtor. Scenario 2: building was converted in 1999; 6 units in total with (4) of the units sold. My client will be #5. Credit scores are low 500s; co-borrower has scores in low 700s however income is pension/social security. Unit is 1400+ square feet. Last but not least seller is willing to assist with downpayment and closing costs. Any suggestions on possible lenders?
Need help finding a home for this loan. Need a great rate with one point back.I have a full package. What can you guys do for me?
- $513,000 loan amount
- 90% LTV
- 586 middle score
- Property in Illinois
- Need a 2/28 with a low rate and one point back
- Mortgage is perfect, reason for low score is high credit limits and 2 1×30 on 2 little department store credit cards
8.375 on a 2 year @ par take another quarter off if its a purchase….
8.625 with a point on the back if you want it.
I have a client in IL who wants to buy a condo in FL near Ft. Myers. This will be low rise condo, new development. Condo will be used for vacation purposes. Sales Price $130,000; assessment $220 per month. Client may need NINA (no income, no asset) or stated income. Any suggestions? Please only respond if excellent service is available. This client is from a cold call to my office; would like to establish good relationship.