Financing for Efficiency/Studio Condos

[Steven Andrews]

I know studio or efficiency condos typically are cash purchases on their own. But I wondered if anyone here knows any lenders that would do financing on them, especially if a few units are purchased at the same time.

Thanks,

Steven

[Kevin Romines]

The 1st question on condo's is always, are they warrantable or non-warrantable? If they are warrantable, they can potentially be financed with a conventional loan. If they are Non-warrantable, they will need to be financed with a Non-QM lender that allows a non-warrantble condo to be financed per their guidelines. 

I would call the local title companies to get recommendations as to what lenders in the area do these kinds of loans? These lenders should be able to help you with these deals. 

I hope this helps?