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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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
