Posted by Ed Garcia on February 01, 2002 at 10:21:10:
It depends on many things. First when doing a loan on a condo a lender that would do SFRs ( Single Family Resident) will want at least 50% of the building your condo’s are in, to be Owner Occupied. If so, you could go up to 90% LTV. Lenders as a rule, will be more conservative with condo’s then they will with other SFRs. So they’ll cut back their LTV.
Chances are that a broker who would handle your financing, would use more than one source to help you purchase the condo’s.
A Commercial lender as a rule will not touch your deal because you won’t have control of the building. They will not consider it a commercial deal.
The exception would be of course a local portfolio lender. If they like you as a borrower, and felt that you knew what you were doing, had good cash flow, have a track record with this type of acquisition, they would most likely do it with a blanket lien.