Loan scenario of the day: Q: I have a Realtor getting ready to list this property and wanting to know if anyone will be able to provide financing. I actually did the loan on it when they bought it, but pre-market crash and things were different. There is 1 SFR plus a duplex on the property. Land use is triplex, county use is 1 SFR with duplex, but zoning is R1. There is no way to get a “burn letter” for it without the legal zoning. When I did the original loan, I was able to finance it as a SFD with no value given to the duplex, but that isn’t an option now. Think you might have a place for it? I’m at a loss right now and really doubt anyone can do something with it other than hard money, but figured I’d ask. A: If the property does not meet zoning requirements and is illegal, then we do not have a conventional or FHA lender who would accept the property.
Posted on: Tue, 30 Jul 2013 22:35:30 +0000
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