I have recently had the opportunity to sit down with the owner of a development company who has done the most condo conversions in NH and they are expanding into MA. Currently their customers are provided with "Special Financing" from Wells Fargo. The only thing special about it is that I think Wells Fargo just has an easier time approving loans when they are first-in to actually finance a condo at the property. Most lenders we have want a certain percentage of the units sold or occupied before they will approve a loan. Some lenders are a little more lenient such as willing to be 2nd or 3rd in the development, but in order to earn his complete business that unfortunately won't be enough. I have already been able to get some of the fallout that Wells Fargo has not written loans for for whatever reason (i.e. credit, LTV, etc...) but those were for residences that have already sold an appropriate amount. Does any lender stick out to you? Do you know of any that are willing to be first-in AS WELL AS willing to do 100%?
Thanks!