08-26-2009, 05:52 AM
The local banks like BOH, FHB, CPB all have a list with every condo project. The list has the latest figures for owner occupied percentages, etc. So the loan officer or processor can look simply up the condo property and tell if they can lend on it or not, based on whether the lender is selling to fannie or freddie & meeting their guidelines or if their own bank's portfolio program is willing to take them. I seem to recall BOH maintained a good list with up-to-date data. This is where the lender most likely came up with the percentage of non-owner-occupied units. If the project is brand new many won't touch a single unit until the developer has turned over the Association to the owners. But then the bank that financed the development of the project may be offering the take-out loans for the first individual units. I know...[:0][:0][:0]