CONDO LOAN APPROVAL:
THE IMPORTANCE OF
ENGINEERING REPORT
During the last few weeks I have shared with you three major pitfalls lenders might have with lending on the condominiums. They are: engineering report SB 326, availability on the Fannie Mae and Freddie Mae lists, and insurance coverage.
I think it is important to hear directly from Sierra Pacific Mortgage about how the lender handles these issues. We have recently had a zoom meeting with the bank’s representative Milo Wishart. A seven-minute piece of his presentation is available at this link.
I was about to send the above message to you when an email from a lender hit my inbox, and it really made my day. Here’s what it said: “Hi Manny! I have some good news. We have an improvement to our guidelines around SB 326. We can now approve the loan based on the work having been completed on the subject property. Even if there is still outstanding work to be done on balconies for other units, we can do it. We would just need to include the plans for the remaining work and approve all details in Prequal stage. But at least SB 326 is not a hard stop for us any longer!”
IT IS ALL ABOUT CARING AND SHARING!
Best wishes,
Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983
NMLS #205637
DRE #00874630