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Updated almost 13 years ago,

Bryan Hancock's profile image
Bryan Hancock's profile image
Bryan Hancock
  • #4 Off Topic Contributor
  • Investor
  • from Round Rock, Texas
  • Member since May 28, 2010
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Bryan Hancock's profile image
Bryan Hancock's profile image
Bryan Hancock
  • #4 Off Topic Contributor
  • Investor
  • from Round Rock, Texas
  • Member since May 28, 2010
Connect
Bryan Hancock#4 Off Topic Contributor
  • Investor
  • Round Rock, TX
4,382
Votes |
8,794
Posts
Private Lending & Conventional Mortgage Advice

Take-Out Condo Financing - 50% Pre-Sold Required?

Bryan Hancock#4 Off Topic Contributor
  • Investor
  • Round Rock, TX
Posted

I am looking at building 8 condos in Austin. The plans and specs are done from a project that got dropped post credit bust. I spoke with our commercial lender about this today and he is checking on take-out financing, but he thought that to get FHA or FMNA financing the buyer has to be buying into a situation where 50% of the units are already sold.

Is this accurate? Does anyone know the rules on this?

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