Non-Warrantable Condos in NJ

RSSnyder · #1 (**permalink**) 07-24-2006, 09:23 AM

I am working on a 7 unit non-warrantable in NJ. The developer claims he has spoken with a loan officer that promises he can close on one unit before any others are under contract. Does anybody know of any lenders that would do this?

Greg · #2 (**permalink**) 07-26-2006, 04:38 PM

It has to be possible otherwise there would never be any condo sales if you know what I mean.

But, what is making it Non-Warrantable?

Just to clarify.. New builds?

RSSnyder · #3 (**permalink**) 07-27-2006, 09:03 AM

Conversion.
The best I have found is lenders that will close once 33% of units are under contract! This loan officer claims he can close even if it is the only unit under contract.

adi · #4 (**permalink**) 12-20-2006, 08:20 PM

Try Countrywide, Wells Fargo, Coldwell
They can write exception and they are often in house lenders for this type of
the projects. If you need a lender for complet project try First National Bank of Arizona.