|Re: Mortgage referrals for construction lender due diligence||<– Date –> <– Thread –>|
|From: Dahako (Dahakoaol.com)|
|Date: Sat, 17 Dec 2005 06:17:53 -0800 (PST)|
Hi - This list has discussed what phrasing in certain elements of the condo association documents (bylaws and covenants, especially) that lenders need to see before they can be comfortable making loans. In working with BB&T in North Carolina and in Maryland, they were especially interested in the resale clause (which may include a carefully worded "right of first refusal" clause, but needs to be otherwise free-market mainstream to encourage full lender enthusiasm). Check the archives for other advice - my recollection is that Rob Sandelin got going on this topic at least twice. One thing lenders love about cohousing, and I think it is the reason that BB&T seems to look for cohousing deals, is the percentage of pre-sales. A lot of condo building has been done on spec for the last four or five years and now lenders are tightening up a lot. Cohousing does not build on spec - it builds for a group of interested purchasers who have typically put down some membership money, signed an agreement to put in their time and more money later, and demonstrated their creditworthiness some way (like getting prequalified for a loan). If your group has not done these things, do them. They are easy and they make lenders happier. Jessie Handforth Kome Eastern Village Cohousing Silver Spring, Maryland "Where we are having long drawn out discussions about cleaning our common spaces."
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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