Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago on . Most recent reply

User Stats

3
Posts
1
Votes

Competitive Rate DSCR Lenders That Finance Under 500 sq ft / co-ops ?

Rachael Faulkner
Posted

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

Loading replies...