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Is there any way to get financing on condos with only 10% down?

Here are some concerns on the proposed property:
1) Most of the existing owners are more than 30 days late on their dues.
2) My company would own far more than 10% of the units. Actually around 69%.
  • June 08 2009 - Gulf Shores
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Answers (5)

I haven't seen anyone get 10% down in a year.  Especially if you are going to purchase multiple units.  A lender will consider it way too risky.  Also, I believe Fanny Mae and Freddie Mac have a limit now on how many investment properties you can own or at least have a mortgage on.  Try Priscilla Jones at Vision Bank,  they do in house and have other lender option available.
  • June 20 2009
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Why are so many people late on their payments?  Are they all trying to sell and they can't so they are planning on defaulting?  I would suggest you first try to understand why everyone is late on their dues.  If you are planning to buy 69% of the units and then resell them and that is why you are interested in 10% mortgages, then you may want to see if you can work a deal with a local bank to provide them.  Also, does this mean the condos are less than 50% owner owned and occupied?
  • June 11 2009
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A portfolio lender could be an option, maybe with blanket financing since it sounds like you want to buy more than one unit....BUT, there is no way 10% down would cut it on a situation like that. 

I would speculate that with a 40% investment into the project, you might find a lending partner willing to work with you.
  • June 10 2009
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Profile picture for groteds
Not even a portfolio lender?
  • June 10 2009
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I would have to say no....What does this complex have going for it?
  • June 08 2009
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