advice on Condo Loans

I have a small Condo Project 20 units total in a historic building overlooking the Mississippi river Memphis, TN (all new build and above current codes) and I'm having a hard time finding lenders for my buyers.. I've sold (closed on) 6 units... one is Mine (builder/design/sales) so 13 left... what are my buyers options and what can I do as a seller to help.. btw all sales to date have appraised for more than 10% above sales price...

thanks for any advice or direction

2 Answers

Hello, You need to find a lender who will lend on non-warrantable condos. I will check with our TN branches and let you know, we have a couple of lenders here in IL that will do those types of projects. You just have to find them. Also, keep in mind if the association has in their bylaws a limit on the amount of investors allowed in this will certainly help as well. All lenders want more O/O than N/O/O! Dan

Check with your local community banks as well, they tend to lend on Condo projects thru their portfolio loan programs where larger banks/lenders will not.