Looking for Financing for a Non Warrantable Condo

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Looking for Financing for a Non Warrantable Condo

Jeff M.
Rental Property Investor · Alexandria, VA · Member since 2014 · 23 posts · 5 votes

I have a student housing unit by a university in North Carolina. I am looking to Refi the property and also acquire an additional unit. So I am looking for two loans. 

-the property is in a non warrantable condo complex

-loan size of $70K-$75K

-property is rented and has good cash flow

-I would prefer a fully amortizing loan (no balloon payment); so preferably a 30 yr with 30 yr amortization but would consider a shorter, fully amortizing loan as well

-Looking for a LTV of 75-80%

The deal size is too small for a lot of lenders (including B2R). Does anyone know of a lender who will do these deals? Lenders, feel free to reach out to me directly. Thank you. 

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    The lenders I know who will lend on a non-warrantable condo only do so if it is owner occupied.

    Perhaps a straight business loan instead of a mortgage might work?

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  • Upen PatelPro Member
    Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
    10y

    @Jeff M. As you have already found out, non-warrantable condos are a pain to get financed. On top of that your loan size is too small and its an investment.

    If you do find a lender, be ready to do an ARM loan. They will amortize it over 30 yrs, but very unlikely that you will get a 30 yr fixed.

    [email protected]571-200-6180
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  • Bob Green
    Lender · Mokena, IL · Member since 2014 · 1k+ posts · 261 votes
    10y

    Non-warrantable condos can be financed in the unconventional world even if it's 100% investor owned so long as but single investor owns more more that 10% of total units.

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  • Adam SchneiderPro Member
    Lender · Raleigh, NC · Member since 2012 · 955 posts · 639 votes
    10y

    @Jeff M.try Lima One--based in SC, do business in NC...try Longhorn if Lima doesn't work out.

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