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Updated over 1 year ago on . Most recent reply
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Competitive Rate DSCR Lenders That Finance Under 500 sq ft / co-ops ?
I just had a deal fall apart for a PCB beachfront Condotel Co-op vdue to financing. I pursued loans with 2 different brokers who were recommended based on having financed units in that complex before, and I also applied with Total Quality Lending based on a BP referral. All of them assured me they could finance it no problem.
Two of the three ended up unable to find a lender who would finance (either due to square footage or sq ft + being a co-op) and the third had very unfavorable terms (45% down @ 12.5 rate, 24mos interest only, 3 pts up front + 3k in fees). And I have great credit.
I understand these condos are getting much harder to finance, but if anybody knows of lenders who are financing co-ops and/OR units <500sqft, I’d appreciate a recommendation. I’m open to other property types, but would like to have somebody in my back pocket at the same time who could make it happen.
I’m looking for a property up to 300k in the either PCB, 30A or Forgotten Coast area, willing to put down up to 60k