WHY BUY CONDOMINIUMS?

September has been quite productive for my team. We are currently working on three refinancings, two lines of credit and a number of construction loans. We also closed loans for four condos. This is the reason I am writing this story.

Since all the closed condo loans were very different in their nature as well as in terms of the buyers’ circumstances, they required different mortgage solutions. This led me to write a separate essay, which I will share with you next week to bring your attention to the topic of financing condo projects.

One of the projects where our company has become ‘go to the source’ of mortgages is the Millennium Tower. This luxurious compound had engineering issues (it was leaning, as you may know), which were eventually fixed. Nevertheless, the majority of the banks stay away from this project, except for those we have identified for our business purposes. As a result, we already closed seven purchase mortgages in the Millennium Tower, and I am currently working on another one.

What prompted me to write about this were two recent articles in the San Francisco Chronicle. Check the two links below for the full texts.

“Millennium prices a downtown harbinger?”

“Bay Area condo fees among highest in U.S.”

With any questions on the subject, please call me at (415) 225-7920. Or send me an email at mannykagan@comcast.net.

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602