bolla777
Joined: 22 Jun 2007
Posts: 2
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| Posted: Fri Jun 22, 2007 12:59 pm Post subject: Condo conversion financing |
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I am interested in purchasing a multi-family home, converting it into 2 condominiums and selling off 1 unit.
I am looking for 97% financing initially until 1 of the condominiums is sold, and then refinancing. I am looking for a loan in the area of $530,000.
This is my first home, my credit is excellent and my salary is above the median for the area.
My questions is what would be the best type of loan to obtain for this type of project, given that it may take up to 2 years (convervative estimate) to sell the condominium. |
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