Any suggestion on banks willing to loan on new construction not approved by Fannie

Started by GramercyGal

almost 16 years ago

Posts: 12

Member since: May 2009

Discussion about

Looks like the national banks are not lending on this new condo construction, and was wondering if someone in my circumstances and had success with a regional bank or other lender. Thanks in advance.

Response by MRussell

almost 16 years ago

Posts: 276

Member since: Jan 2010

While not a direct answer to your question. You should inquire with the New Development to see if they have financing lined up. There are a few new buildings coming to market (seriously!) and in order for them to have any chance of selling their units they have lined up a bank that can provide mortgages.

I would be surprised if the sponsor didn't have this.

(Matthew Russell - Brown Harris Stevens)

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