Non-Warrantable Condo Financing???

[Jackie Patterson]

Does anyone know of non-warrantable condo financing at competitive rates?

My husband and I are builder developers (as well as short sale investors) and we have a high end - average price $325,000 - green-built condo development. Our condos are all custom built singles or duplexes in a beautiful wooded setting with many perennial gardens, wildlife corridors, etc. Fannie and Freddie in their infinite wisdom have lumped all condos into one category. Due to half built highrise condos on the gulf, and apartment conversion condos, they have decided that projects must be 71% sold to qualify for a loan. They raised it a few months ago from 51%. We are 54% sold in our first phase, and even when we get to 71%, we will have to start all over with the 2nd and 3rd phases. To my knowledge there is not a way to get on an approved list. This knocks out most of the lenders for buyers and for refinances. We have to use portfolio lenders (luckily we have a few), or cash buyers. The problem is interest rates are higher for portfolio loans, and they are also not always on the corporate relocation package accepted list.

It's hard enough to find a buyer these days, and now when we do, we have to fight to get financing. Any ideas are welcome!