What documentation is required to get a loan against a condo?

Question

We own 3 condos that were converted from a Triplex property during our ownership. As we have owned all of them, we haven't done much beyond getting CCRs drawn up. My question is about getting a loan against a single property. I'm thinking of a HELOC, refi or second. What condo-related documents would a lender want to see in in that process?

Budget?

Business Checking Account?

DBA?

I just want to start the process as prepared as I can be so I don’t look like the newbie that I actually am.

PS. I may also post in other relevant forums.

Budget?

Business Checking Account?

DBA?

I just want to start the process as prepared as I can be so I don’t look like the newbie that I actually am.

PS. I may also post in other relevant forums.

Jon Holdman · Answer

Moved to proper forum, Account Closed   Please don't repost.

Sounds like you did a condo conversion on a triplex and now own three legally separate units.  I assume you have all the paperwork from the condo conversion process.  You'll probably need to go to portfolio lender who specializes in investment loans.  Because you own all three units you won't get conventional financing.  This is a "non-warrantable" unit because of your ownership.

Account Closed · Answer

@Jon Holdman  Thanks for moving to the correct forum. I'm aware that we won't be able to get conventional financing.