Lender for Condos @ 90% LTV?

[Nashvegas]

Does anyone know of a national lender who is still lending 90% LTV for credit scores over 700? Countrywide was doing well until about 2 months ago...then they pretty much stopped lending in the Nashville condo market.

[Dwell Atlanta]

Check with Chase.

[Nashvegas]

Do you have an originator you like?

[jamesww]

I know Wells Fargo will still lend on condos at 3.5% if it meets FHA standards. I am not sure how their condo loan products work for conventional loans. But, I can give you a referral to an L.O. that knows condos forward and backward. She use to work for Chase where she specialized in condos. Let me know if you want her contact info.

[jamesww]

I know Wells Fargo will still lend on condos at 3.5% if it meets FHA standards. I am not sure how their condo loan products work for conventional loans. But, I can give you a referral to an L.O. that knows condos forward and backward. She use to work for Chase where she specialized in condos. Let me know if you want her contact info.

[Nashvegas]

Let me tell you exactly what I need and then you can PM me her info if she can work the deals. I sold a 48 condo pre-construction contracts that are almost complete in 3 different projects in Nashville. About half of my buyers are from out of the State of Tennessee and are investors. Most lenders here are having trouble with the fact that the buyers are simply investors. I need someone whose business is originating loans for investors in the condo product. Thanks in advance!

[Dwell Atlanta]

22 investors? How many units in the whole building? I know you want to keep the investors down to at a max of 25% of total units for any bank to want to loan money there.

[Nashvegas]

That is the great mystery...the developer will not tell us how many pre-construction contracts are investors, second homes or primary residents. All of these projects have over 100 units.

[Business with Greg]

USDA allows 100% financing for a Condo.

However, property geographical restrictions apply. My blog has a link for the USDA property eligibility lookup.