We now have an expanding collection of banks offering to lend on garage condominiums. Yes, through our vast connected networks, we are excited to announce our list of “progressive” lenders.
Based on bank requirements, a typical structure for a condo purchase would be as follows:
- LTV/LTC 80%
- 5 year term, 20 year amortization
- Pricing fixed for the term 5.5%-6.25% ranges depending on underwriting
- Three years filed US Tax Returns
- Personal Financial Statement
For more details on financing a garage condo please contact one of our preferred lenders today.