Can anyone tell me a lender that will take a wholesale loan with the following:   It is a conforming loan, O/O Purchase 77% LTV 698 Fico Full Doc - but only 28% of the units are sold.  Building/all units complete. Property location Downtown NYC. I am a NY mortgage broker.

thanks.

Laura...welcome to MND first off.

I am not sure that there are any lenders left out there that will do non-warrantable condo's anymore.  Even warrantable condos right now are very hard to get done.  You may want to start contacting some of your AE's and start asking them if they do them and if they can't maybe ask if they have heard of anyone that is still doing them...I have had a couple of reps be able to point me in the right direction as to different lenders to use.

Good Luck!!

I beleive ING still does non-warrantable condo's.  That LTV would be too high in California, but I am not sure about NYC.  Forget about Fannie/Freddie, think portfolio lenders.  I'm sure there are some local banks in Manhattan that would do it.  They might not advertise wholesale rates, but they are out there.  Also, do property profiles on other units sold in the building.  Who did those?  Go to those banks/lenders.

You can take this to AmTrust. PORTFOLIO ARM products. They will make an exception to this if the property is being bought as owner occupied....good niche many dont know about.

portfolio......only way to go, unless you want to dump to a retail outlet....oh and careful with amtrust...may not be around for long:)

Chase used to but they retracted it in September.  For a new project they are requiring 51% presale.  Citi is no better.  It looks like Wells did away with their streamline as well - they used to have no presale requirement with 25% down.  Sorry I'm no help - just trying to help eliminate some so you don't have to do so much work

Not sure if you ever found a lender, but I'm now on the search...

IL property, low rise condo, 770 FICO, low 40s DTI requiring 90% on a non-warrantable property. 50% renter base.

If there is, please contact me. I've got a loan for someone if they do...

christianl@mfgroupmortgage.com

Christian LeBarton:

Not sure if you ever found a lender, but I'm now on the search...

 

IL property, low rise condo, 770 FICO, low 40s DTI requiring 90% on a non-warrantable property. 50% renter base.

If there is, please contact me. I've got a loan for someone if they do...

christianl@mfgroupmortgage.com

My problem was concentration.  I had one owner that owns 3 of the 10 units.  I could not find someone that would do that for a non-owner.  I think flagstar will do it if it is owner occupied.  You need to find a lender that will do a limited review.  With that, they will not look a occupancy %.  I'll forward you an email from Flagstar with their condo guidelines.