Condo an existing building: best practices for lending success

[Peter Vanko]

BP Friends,

From a LENDING perspective, how are you managing condo conversions where a single mortgage is already in place, and pay as little in transactional fees as possible?

1. Create a new holding LLC and sell aggregate units to it
2. Refi, buy out the old mortgage, and transfer all debt to one of the units
3. Or......

Thanks,

Peter

Boston, Investor, Developer, Architect

[Andrew Postell]

@Peter Vanko you might get more responses if you posted this in the multi-fam or commercial forum.  This forum is "in general" for people seeking mortgages on individual units.  Please leave this post up here in case you get more people to chime in but I think you'll get a few more responses under the other forums.