|Re: Mortgage referrals for construction lender due diligence||<– Date –> <– Thread –>|
|From: John Beutler (jbeutleradelphia.net)|
|Date: Sat, 17 Dec 2005 04:10:40 -0800 (PST)|
As far as the final mortgages, we have had good success with First Horizon, and the appraisals they have had done have supported the loans.
Cheers JAB At 11:20 PM 12/16/2005 -0600, you wrote:
As always - things are tougher living in a state where the local real estate professionals have never heard of cohousing. We are exploring the possibility of using Wells Fargo as our development/construction lender. Part of their due diligence is for them to determine whether cohousing units will appraise and receive mortgages easily, thus providing "takedown" funding to pay off the development/construction loan. If you live in cohousing and used Wells Fargo as your mortgage lender - we would like contact information to your mortgage banker (or possibly just your branch) and your property address - so that we can get your mortgage banker on the phone with someone in the Wells Fargo mortgage banking department here - so they can assure her/him that (adequately well built/affordable) cohousing units should appraise and qualify for mortgages without undue difficulty and without lender concern that there is a significant risk of the property values depreciating due to cohousing resulting in the complex being poorly maintained and becoming unattractive as the years go by. The particular Wells Fargo banker we are talking with acknowledges that some of his concern is a general concern about condominiums whether or not there is a cohousing structure to the POA [Property Owners Association]. Clifford May Central Austin Cohousing Austin, Texas _________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/
John Beutler Liberty Village, MD jbeutler [at] adelphia.nethttp://www.libertyvillage.com/
Mortgage referrals for construction lender due diligence Clifford May, December 16 2005
- Re: Mortgage referrals for construction lender due diligence John Beutler, December 17 2005
Re: Mortgage referrals for construction lender due diligence Robert, December 17 2005
- Re: Mortgage referrals for construction lender due diligence Sharon Villines, December 17 2005
- Re: Mortgage referrals for construction lender due diligence Dahako, December 17 2005
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