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Updated almost 8 years ago,
Condo under transitional litigation - Financing? Jersey City
Dear BP community,
I am looking into buying a Condo in Downtown Jersey City and am currently searching for mortgage rates. The challenge hereby is that the Condo (as is apparently very common in Jersey City) is subject to a Transitional Litigation.
Now, I had received quote from lenders before I knew about the litigation (4.25%) and from a different lender of 4.75%, each for 30y fixed.
Does anyone know lenders who do lend to such Condos? Is there any general tip for such a condo? (we calculated the worst scenario in terms of costs that could get to us since we have all documents that list the damage). Since it is a complex with over 450 units the potential cost (in case of a total loss) would be small.
Thanks already for your help!
Sandro