Russian roulette is a dangerous game of chance in which a single bullet is placed in a revolver, the cylinder is spun, and the trigger is pulled without knowing what will happen. I use this expression because I’m currently working with two clients who, in my mind, were playing mortgage Russian roulette.
The first client was buying a condominium in Millennium Tower. I have already closed 16 transactions there. She was told that Wells Fargo could finance the building. Two weeks later, she discovered they could not.
She came to me with very little time left to get the loan approved. Because I knew the building and which lenders could work with it, I was able to get her approval—and everything is now on track.
The second client was buying a condominium in another building that is involved in a lawsuit concerning the building owners and the parking lot. A lawsuit can make financing a condominium much more complicated.
I sent the complete package to six different banks. Only one said yes—and we are moving forward with that lender.
In both cases, the clients were dealing with lenders who were not equipped to handle the particular circumstances of the buildings. The clients had no way of knowing that, and neither did their real estate agents.
That is why I don’t play mortgage Russian roulette.
I know which lenders can handle difficult condominium loans, and when a particular lender cannot do the loan, I look for one that can. Otherwise, you can waste weeks of everyone’s time and potentially lose the property.
If you’re planning to get a mortgage and want to know whether your loan can actually be done, give me a call.
I know how to help.
Manny Kagan
Mortgage Broker | 40+ Years of Experience
415-225-7930
