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Getting a mortgage when the building is <50% in contract

Started by ctrlaltdel
about 17 years ago
Posts: 43
Member since: Aug 2008
Discussion about
I understand the motives behind lenders wanting a new building to be 50% in contract before they issue a mortgage commitment, but please forgive the dumb question: SOMEbody's got to be in the first 50%.....how do they get their financing? I really can't believe that I'm being told that it's going to be a problem to get a loan. We would be the first or second unit in contract out of five units, can put down 40-50% and have pristine finances. Something's not right.
Response by countrywide
about 17 years ago
Posts: 26
Member since: May 2008

Hi Ctrlaltdel,

I am not sure about who you have been speaking to in regards to this issue but our pre-sale requirements start at 15%. Please contact me directly to speak about this in more detail. Shaun_Mirza@Countrywide.com

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