Looking for financing -- 2 non-warrantable condos in MA

Looking for financing -- 2 non-warrantable condos in MA

Needham, MA · Member since 2020 · 1 post · 0 votes

Hello! I have a property I'm trying to buy under contract. It's 2 condo units for $440k ($220k each) in Massachusetts. They are non-warrantable since the 2 units are part of a 4-unit association, where 1 of the units is commercial that takes up 35% of the total square footage of the building. While my profile to borrow is strong, I'm having trouble finding financing due to this non-warrantability.

Any tips on how I can find a loan? I've been googling for "non-warrantable condo financing massachusetts" and making phone calls. Thanks

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Matthew CrivelliBusiness Member
Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
4y

@Scott Wolf Thanks for the recommendation! I actually just got off the phone with Matt with some options!  

Freedom Capital Funding, LLC523 Reviews
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  • Scott WolfPro Member
    Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 960 votes
    4y

    @Matt Suarez, you may need to consider a private lender.  Or perhaps @Matthew Crivelli might have some guidance.

  • Matthew CrivelliBusiness Member
    Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
    4y

    @Scott Wolf Thanks for the recommendation! I actually just got off the phone with Matt with some options!  

    Freedom Capital Funding, LLC523 Reviews
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    4y
    Originally posted by @Matt Suarez:

    Hello! I have a property I'm trying to buy under contract. It's 2 condo units for $440k ($220k each) in Massachusetts. They are non-warrantable since the 2 units are part of a 4-unit association, where 1 of the units is commercial that takes up 35% of the total square footage of the building. While my profile to borrow is strong, I'm having trouble finding financing due to this non-warrantability.

    Any tips on how I can find a loan? I've been googling for "non-warrantable condo financing massachusetts" and making phone calls. Thanks

     Try "condo litigation mortgage Massachusetts." Local to me the "non-warrantable" results are confused, but the "condo litigation" results are the top dogs for non-warrantable condos. Ongoing litigation is the most common reason a condo is non-warrantable, the folks that are good at one are typically good at them both.

  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    4y

    Portfolio lenders such as First Republic Bank would be the people to go for that. They can underwrite using different metrics. 

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