Sponsor unit in condo conversion

there's no way you can get financing for something like this. until he gets 50% into contract, forgetaboutit

You'll have to go all cash and own for a while without thinking of selling unless the next buyer has all cash.

You can try HBSC, but you'll have to keep a six-figure balance on deposit. Wells has a similar program; the pledge requirement there is even higher.

Ask the sponsor whether they have any kind of partnership in place with a lender. The terms probably won't be very good, but it's worth investigating.

it is not impossible to get financing, and it is not true to say they must have 50% sold.

still darden, why bother. Do yourself a tremendous favor and get a unit in an established and condo where there is no sponsor. Whatever money you think you are saving by purchasing this unit... well.. you are buying into a headache.

Anyway, try TD bank.

Are there any plus sides to buying into a condo or co-op where the sponsor owns so many units? I was looking at one myself, the seller is having to let it go at well below the asking price of any other co-op in that area. With saving so much on the interest (a 6 year private loan from family vs a 15 year mortgage from a bank) and with cheaper intitial purchase price I feel like we'd be much further ahead in the long run. We plan to keep it for abuot 15 years then retire elsewhere.