Condo Development - Owner Occupied Ratios

[Lee Marsteller]

BP,

I have a 12 unit condo project that I delivered just as Lehman Bros and Bears Stern crumbled in 2008. Luckily for me, I am in the DC market and was able to fairly quickly turn it into a rental deal as we sold 6 of the units over a 2 year period. Fast forward to today, I have emptied the building and not renewed any leases as I want to renovate and remarked to get some cash out of the building. 

The issue that I am struggling with, is the owner/investor ratios for securing financing to the new buyers. I currently own 5 units with one still leases. I have renovated 2 units and want to put them on the market, but song want to do so until I know I can move them and the buyers can get FHA or Freddie Mac financing as they aren't really conventional financing units for the most part. Additionally, one or two of the original 6 units I sold are now tenant occupied as the original buyers mover on.

Does anyone have any strategies in mind that may help me market and get these units financed?

Thanks for your help. Lee

[Russell Brazil]

Sounds like they are indeed non-warrantable, which means this is very little chance you will get close to the price point of $300k. I might touch base with @Upen Patel. He is a loan officer in the area who does have some non-warrantable condo loan products available.