Conventional loans require shared road maintenance agreement?

[CP Chou]

Hello BPers,

I'm looking at an investment property which is accessed by way of a private road and there is no existing maintenance agreement. The road provides exclusive access to about 20+ parcels. Based on the the numbers of owners and who knows the variety of interests, it looks that it is probably not possible to get one agreed to in any timely fashion.

My main lender was saying it was required for conventional loans. Portfolio loans would offer a lot more flexibility but also higher rates.

What is everyone's experience with a situation like this? Are they required in general or is it case-by-case for conventional loans? Any insight on the topic?

Thanks!