Condominiums seem to be suffering a lack of investor interest to say the least these days! I know several of owner/developers who have done the right thing by their prospective buyers by building new or sensitively converting older buildings into very solid investments for first time owners and investors.
Meanwhile: Lenders who will fund 'unwarrantable condos' are scarce as hen's teeth. I have several who are OK with Jumbo loans on condos for excellent borrowers (high net worth individuals). I am talking about our local emerging market: teeming with first time buyers, people scaling down, retirees and college students who would really benefit from kiddie condo loans (essentially loans to parents for 4-6 years). Presently, we are stuck with the 'Spot FHA Approval' as the baseline. If the project does not have HUD or FNMA approval ie 51% sold, an HOA in place and tenancy is largely investors, we are stuck with hard money loans, which defeats the purpose of 'affordable' housing. 95% financing would be a real boon or this audience is otherwise doomed to seek single family residences which may not meet their needs and budget. Believe it or not we DO have rural condo loans on offer... but the bulk of our condos are within the city limits of Bellingham and do not qualify for USRDA.
I would dearly love to speak with individuals or investors interested in funding pirvate loans for very deserving folks in the $150-250K range.
We have many great projects in our Pacific NW Region including some mixed use urban and rural condos that are slightly left of center and so timely for the needs of today's buyers.
Thanks for your support!
Washington Licenses: 510-LO-31434 510-MB-24707-50145