Refinancing In a Small Building

Anyone have any success finding a lender who can work with a small building? Specifically, we are in a condo building where one owner owns 2/3 of the units (3 total). Obviously got a loan in the past under the same conditions, but now our current lender says this is a dealbreaker.

neilw

in Mortgage 12 years and 5 months ago

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dylan621 | 12 years and 5 months ago

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We just refinanced in a 4 unit condo where one owner owns 2 of the units – it’s doable just a bit more stressful than it would otherwise be.  We used Jeremy Gaddy at Citibank 516-532-6362.  We were also in contact with Sophia Prountzos at Wells Fargo 917-260-1185
who was very confident she could get it done but we got a slightly better deal with Citibank because of a prior banking relationship.  Also, Hudson Savings Bank does these kinds of loans and maybe TD Bank.  Good luck!

nalusurf | 12 years and 5 months ago

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We lived in a small condo building, 8 units total and fortunately all were individually owner occupied. There were two other adjacent buildings that this same developer built and he owned the majority of the units in them. Friends of ours in those buildings tried to refinance but they could not for the same reasons you are experiencing. It is my understanding that if the sponsor or a single entity owns the majority of the units you will have a next to impossible task finding a lender who will refinance. I am not an expert on this, you should certainly shop around and perhaps someone on this site can give you another option. This is just my experience.