BRING JMAC YOUR NON-WARRANTABLE CONDO LOANS
If your clients are considering Non-Warrantable Condos, you need to put the experts at Team JMAC to work. JMAC offer 3 flexible products to $4M for Non-Warrantable Condos. Help your investor clients make more per month avoiding high-interest Hard Money loans. Look at the benefits of working with JMAC:
Commercial space up to 50%
Delinquent HOA up to 20%
Investor Concentration up to 60%
Single-Entity Ownership up to 25%
HOA Control not fully transfer over to HOA Management
Condo Hotels / Short-Term Rentals
30- and 40-year Interest Only
EXCEPTIONS exceeding this will be consider on case-by-case basis
Our Investor DSCR program features No Minimum DSCR!
QUESTIONS ABOUT THIS PRODUCT? CONTACT SALES AT JMAC
WHAT IS A NON-WARRANTABLE CONDO?
One of the issues a potential homebuyer may run into when searching for a condo is that it could be flagged as Non-Warrantable. When a condo is labeled as non-warrantable, it does not meet conventional guidelines. Many lenders consider financing a mortgage for this type of property to be too risky which can make it harder to finance.
Some companies may have their own guidelines as to what is considered warrantable or not, but the most common reasons for a condo to get labeled as Non-Warrantable include:
The project is new construction and/or has yet to be completed
The developer has not turned over control of the HOA to the owners
A high percentage of units are occupied by non-owners
The community allows short-term rentals
A single person or entity owns more than 10% of the total number of units
The building owner or developer is involved in litigation
HOW CAN I GET FINANCING FOR A NON-WARRANTABLE CONDO?
If you have a client in need of a Non-Warrantable Condo loan, JMAC can help. JMAC offers excellent programs for these loans, including our MALIBU JUMBO, ZUMA NON-QM and our VENICE INVESTOR DSCR programs.