As a mortgage dealer, we work with a whole lot of wholesale lenders, permitting us to buy situations to those lenders and discover options when conventional lenders can’t. Our mortgage officer, Roman Maranets, just lately proved that when once more.
A borrower in Florida got here to us needing a house fairness line of credit score (HELOC) on their beachfront condominium. The problem? It was a non-warrantable condominium with a excessive investor focus, that means buyers owned a big portion of the models, and plenty of had been getting used for Airbnb leases.
Most lenders would cease there. We didn’t.
Roman leveraged MortgageDepot’s specialised applications and trade relationships to safe a $150,000 HELOC for the borrower, even with the constructing’s distinctive circumstances. This funding offers the shopper with entry to funds from their fairness for renovations, investments, or different monetary wants, all with no need to promote their property.
Non-warrantable condos, particularly these with excessive investor use or short-term leases, are sometimes rejected by conventional banks and mortgage firms. We acknowledge that these properties can nonetheless be glorious investments, and now we have the instruments to finance them.
Roman’s Experience
Roman focuses on navigating difficult mortgage situations. His capability to suppose creatively, talk successfully, and discover various lending choices ensures that even complicated transactions shut efficiently.
Do you’ve gotten a non-warrantable condominium or a difficult financing state of affairs? Contact MortgageDepot and let specialists like Roman Maranets allow you to discover the proper answer.
