08-30-2010, 03:07 AM
KathyH -- Thanks for your reply.
I am trying to talk to some mortgage brokers and lenders. It appears that there are some obstacles to financing and these depend on the particular condo property. Some lenders won't lend if anyone owns 50% or more units when the total number of units is greater than 2. Since there are not that many CPR properties on the East Side I am trying to figure out if such barriers to financing exist in more normal times.
I am planning to buy a unit which already has a dwelling on it. This CPR conversion was done a long time ago (mid 1990s) so I wonder if the other lots are grandfathered in regarding new dwellings on those vacant lot units. I am also concerned if there will be problems getting new permits if I want to modify the existing dwelling in the future.
I am trying to talk to some mortgage brokers and lenders. It appears that there are some obstacles to financing and these depend on the particular condo property. Some lenders won't lend if anyone owns 50% or more units when the total number of units is greater than 2. Since there are not that many CPR properties on the East Side I am trying to figure out if such barriers to financing exist in more normal times.
I am planning to buy a unit which already has a dwelling on it. This CPR conversion was done a long time ago (mid 1990s) so I wonder if the other lots are grandfathered in regarding new dwellings on those vacant lot units. I am also concerned if there will be problems getting new permits if I want to modify the existing dwelling in the future.