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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.


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Cheers,

Manny
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