Three Family Firecoding Questions

[Nelson Taylor]

So, I have found myself in a pickle.  I have a three family investment property under contract in Providence that I did not make subject to seller providing firecode compliance.  Why would I do this?  Because Providence allowed wireless systems, which were inexpensive (about $1300) and easy/quick to get approved and installed.  

After the fact, I come to learn that Providence has reversed its decision on wireless.  No more.  I have a no-contingency closing scheduled for 5/27, though I am getting financing.  So, here are my questions:

1) Does any know an electrician who can get a 3 family fire system approved and installed in 3 weeks, or

2) Does anyone know of a lender that will close on a three family investment property before it is firecode compliant, maybe escrow so that system can be installed within 60 days of closing?

3) If the latter, does anyone know what I can expect as far as a cost for insurance on property that is not fire code compliant, which will also be delivered vacant as I am doing upgrades to the units prior to re-renting?

Thanks!!

[Katrina Demulling]

Coastway (which is now part of  HarborOne) was pretty great as a lender for doing something unconventional for me. It doesn’t hurt to see if a local portfolio lender could be flexible. Tight timeline to craft a creative solution that requires some bank committee/board approval could be tough though. 

Best flexibility w/tight deadline would likely come from instead finding a hard money lender at high rates to kite you for the few months it’ll take to get place on a conventional mortgage. 

On #3 - OceanPoint Insurance is great. They quoted me rates that we half of other carriers & they were very responsive/quick w/quote.