Profile picture for longbeachteam

We are interested in buying a condo in downtown chicago for roughly 2 million

 The building is 80% commercial and the top 5 floors are residential. These are upscale penthouse units.  Does anyone know of a good lender to get financing thru ?

Majority of the people we have discuss this with have said, that the building needs to be 70 residential.

THanks
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June 14 2011 - Chicago
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Who are your investments with?
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June 14 2011
I got one that has been able to get a lot of stuff through that others havent been able to. If anyones able to, this guy is the guy.
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June 14 2011
content removed due to self promotion.  Please refer to Zillow Good Neighbor Policy.
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June 14 2011
There's a lot of factors that are limiting the amount of lenders.
1. Hi-rise condo
2. Mixed-use
3. Commercial on more than the first 2-floors
4. More than a 60/40 mix.

I suggest you have your agent pull property profiles on the project. That would list the lenders that have funded loans in the project. Surely, not everyone paid cash.

Happy funding, Rudi
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June 14 2011
Profile picture for shapiroamg
Great idea from Rudi (he's full of it, great ideas that is).

Also if its a newer building, does the developer have a prefered lender that has handled the residential units? That might be worth asking as well.
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June 15 2011
Thanks Shap for your nice words.

Happy funding, Rudi
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June 15 2011
Simple answer is that you need to open the lines of communication with your lender or talk to multiple lenders so that you can line up the right mortgage broker that can get the deal done. A jumbo note in a mixed-use building can add some challenges, but it is not impossible or even irregular. Your agent should have resources for you. If you need additional resources or consultation I am happy to assist. Best of luck!
Stephen
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June 16 2011
I have a source for the circumstance you mentioned, however there are other questions I would need answered to know for sure. Please ring me if you haven't found a solution as of yet.

Best,
b
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June 19 2011

We require an LTV of 50% for our super jumbo loans on condos.  The minimum downpayment is 10% and the remaining 40% can be pledged or they can put the full 50% dowpayment down.

Please contact me directly for details.

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June 21 2011
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Please Contact JP Bitting at:  @Properties.

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October 12 2011
 
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