05/22/2026
I’m not the greatest when it comes to posting about closings but every now and then you have those challenging transactions that really make an impact. This one is worth celebrating!!
New construction condo’s are often difficult when it comes to financing. Developers, attorney’s and Realtors are well versed in what it takes to build a complex and sell the units. What they don’t know are the fine details of what’s required in the recorded declarations, the proposed budget or the master insurance for lending and selling on the secondary market. Here is where a seasoned loan officer can help.
When you’re the first lender looking to finance in a new construction project you uncover the missing details. When presenting the complex updates needed to be within compliance we inevitably hear, ” well, we’ve already closed a few units and haven’t had any problems.” Those closed sales are usually cash buyers and these requirements are not applicable so that’s a moot point.
In this particular case, I was able to work with the builder and realtor in getting an appropriate budget in place easy enough. However, when it came to an addendum to the declaration there was continued push back. The request was simple, one page to be recorded that specified the legal phase completed and the units involved. Unfortunately, they could not understand why this was needed and tried to make it a “me” issue. But, I stuck with it and explained as many times as needed to get the job done.
The good news, for the remaining 45+ units to be sold every lender coming in with financing won’t have any issue! You’re welcome!
A HUGE shoutout to the buyers agent Stephanie Murphy for the continued trust and unwavering support!! I appreciate your referral always. You are a true professional and a pleasure to work with!
