Downtown San Diego High Rise Condo Purchase

Downtown San Diego High Rise Condo Purchase

I wanted to share about a purchase transaction I recently closed in downtown San Diego.  The property was a high rise condo near the San Diego bay that the current owner was selling after owning it for only 6 months.  The purchase price was $775,000 and the client was putting 25% down.  I had a great client and property, but there was an issue because the builder was still selling units in the complex and had not reached the 90% of units sold that most lenders are requiring.

One of the benefits to being a Mortgage Banker and Mortgage Broker in San Diego is that we have multiple lending sources available for cases just like this.  I started calling all of our lending sources, and one by one, I was told that they would not lend on this condo due to the fact that they still considered it new construction (more than 10% of the units unsold) or because it was a high rise condo.  Finally, after many calls and emails, I found one of our lenders who would lend on new condo complexes, even if they were high rises, as long as it was Fannie Mae approved and 70% of the units had been pre-sold in each phase. 

Once we had the lender chosen, the rest of the transaction was a breeze.  It only took 7 days from the time the file was submitted to underwriting to receiving the loan documents.  We had no appraisal conditions and few other conditions.  We were able to get the loan documents a few weeks before the actual closing date so my borrower could sign early because she was going to be out of town the week before the transaction was supposed to close.  Now that’s a successful loan transaction!  The moral of the story is if you take enough time and effort to investigate an issue, you will usually be able to find a solution.

Please let me know if you are looking to purchase a home in San Diego and learn about some of the other benefits of working with a San Diego mortgage banker and broker.

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