Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
2y
I think in this lending environment that is going to be very very tough. I'm just kind of guessing, but my guess is they're going to want to see like 50% down/equity not including your land. Probably also want to see a great track record and great reserves. Second trick is how do you sell those once you get done. Very tough for buyers to get financing on condos where the developer owns the majority of the units. That's why you see very few condos being built in Dallas.
You might try someplace like Inwood National Bank, International Bank of Commerce, North Dallas Bank and Trust on Inwood/Lovers...one more contact in Midlothian that does a lot of "weird' loans. I have to think of his name.
I think in this lending environment that is going to be very very tough. I'm just kind of guessing, but my guess is they're going to want to see like 50% down/equity not including your land. Probably also want to see a great track record and great reserves. Second trick is how do you sell those once you get done. Very tough for buyers to get financing on condos where the developer owns the majority of the units. That's why you see very few condos being built in Dallas.
You might try someplace like Inwood National Bank, International Bank of Commerce, North Dallas Bank and Trust on Inwood/Lovers...one more contact in Midlothian that does a lot of "weird' loans. I have to think of his name.
Thanks Bruce! The lenders I have spoken with for construction loans are mostly 75-80% LTC or LTV. I will reach out to those lenders you listed, thank you for taking the time to reply.
For the potential buyers, I have a few lenders who have a product that will work for non-warrentable condos.
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
2y
If you have a lender that will do 80% LTV on a small condo development, take them to dinner and buy them flowers. I think that is a rare find in today's lending world.