We had two clients with similar cases, however Client A’s property was owner occupied, while Client B’s was non-owner occupied. Client A and Client B both wanted refinancing for a condominium, which is considered a “loft” because it has a separate space to conduct a business. The Convenants, Conditions, and Restrictions (CC&R) of the building allows for this kind of operation in the premises. Since the Client A wanted a mortgage of $625,500, which is considered a conforming loan amount that is sold to Fannie Mae, we were able to arrange a fixed rate loan.
Client B was less fortunate. Unfortunately, he had rented his loft and we could not help him get a 15 year fixed rate.
Cheers,