CONDO CONVERSION LOANS

Condo Conversion Loans are for the purpose of taking an existing Multi-family project (Apartments) that are based on rental income from long term or short term lease agreements and converting the use of the property to a For-Sale product in the form of units for sale as SFR Condominium ownership units.

Usually the proceeds of the loan are used for re-positioning the property, upgrading units to match competing condominium units in the surrounding market and payoff of the existing underlying long-term debt. Retirement of the Condo Conversion loan comes through principal loan reductions as each unit is sold and a percentage of each sale after sales commissions and closings costs are applied to the principal loan balance. The Condo Conversion Loan can also be structured for the acquisition of an existing property by a new owner for the purpose of condo conversion and sale.

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