I'm the seller of a condo unit in Houston and am actively looking for a conventional lender (Fannie/Freddie) who has experience with co-ops or condos that have non-standard HOA insurance structures.

We have several interested, but the deal has hit friction due to the HOA's master insurance structure, not the property or borrower.

Insurance structure (this is the issue):

• HOA carries a master property policy written on a replacement cost basis

• The policy is part of a pooled master program that insures multiple unaffiliated condo associations. The policy has a value of $22.2M on the project, but is part of a pooled program of 27 unaffiliated associations with a total statement value of $401M. The Property Insurance Limit shown above is subject to an Occurrence Limit of $100,000,000 to be shared by all Locations included within this Master Insurance Policy. This is a Master Policy which includes Multiple Unaffiliated Properties

• Coinsurance is waived