NEWPORT BEACH, CA—The financing of “fractured” condominiums needs to bestructured in a manner that gives the lender all of its normalunderwriting sizing guidelines, while also providing the operatorthe flexibility to execute its business plan, mortgage-banking firmMetroGroup Realty Finance's VP Scott Botsford tells GlobeSt.com.
There has long been a stigma surrounding these commercialcondominiums—projects where only a portion of units were sold asoriginally intended and the remaining units leaseddue to slow sales, often brought on by a downturn in marketconditions. As the economy recovery continues andthe market remains strong, there has been an increased interest inacquiring these properties, but due to their complicated nature,financing can be difficult to secure, even for highly promisingopportunities.
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