Recently, we have been receiving several calls from our referral partners letting us know that their clients are looking for financing to purchase condominium units in South Florida, particularly the downtown Miami and Brickell areas.
This uptick in interest is due, in large part, to several prominent condo buildings nearing the completion stage.
For example, in Miami, One Thousand Museum Residences, received its temporary certificate of occupancy, making way for closings of its units. We received a referral for an investor looking to purchase two units in this building. Even though this building is a nonwarrantable condo, we were able to find a lender who was willing to offer flexible terms and close quickly.
As another example, the Brickell Flatiron is slated to deliver by the end of this summer. We received a referral for a foreign national in Colombia looking to purchase a Flatiron unit as his second home. Even though the Flatiron has received conditional Fannie Mae approval through November 13, 2019, the challenge still remains that this borrower is a foreign national. However, we were able to find a lender who offers a foreign national loan program for condominium buildings like this.
Similarly, Paramount Miami Worldcenter received its temporary certificate of occupancy in July 2019. Like the Flatiron, the Paramount has also received conditional Fannie Mae approval. The Paramount’s conditional approval is good until January 16, 2020. Again, even with this Fannie Mae approval, challenges may remain if the borrower has credit issues or lacks U.S. citizenship status.
Lastly, outside the downtown Miami area, we also received an inquiry from a married couple, both Canadian citizens, looking to buy a unit in Bijou Bay Harbor in Bay Harbor Islands, which is expected to be completed in July or later this year.
For the above referrals, the borrower previously had been turned down by their banks. Traditional banks are usually unwilling to extend a loan for nonwarrantable condos or to foreign national borrowers.
That is where we can come in to help. We have access to the niche lenders who specialize in condo financing, including for nonwarrantable condos and foreign national clients.
We would be happy to assist you or your client obtain financing to assist with all their condo acquisition needs, including cash-out at the closing table to purchase furniture, for example. Contact us today to learn about our creative solutions.
David A. Krebs is a licensed mortgage broker offering commercial and residential loan programs beyond your regular bank. Call us at 321-239-2781, click here to submit a message, or click here to book a free consultation.