| Commercial Mortgage Loans, a division of Ocean Pacific Capital, has over 47 years of experience since 1977 with providing financing for commercial condo, loft, and townhome real estate properties. Investors need a company like ours that has the experience needed to arrange appropriate financing for condo, loft, and townhome construction and conversions. This is expecially true in today's increasingly complex market where some lenders have become picker about what condo projects they will fund, after years of a condo conversion boom. The rising cost of building is another factor forcing some changes in traditional construction financing arrangements.
When a developer buys an apartment building and wants to convert it to condo's, there is significant amount of entitlement risk. Entitlement risk is the risk that the various government agencies with jurisdiction will not issue the required approvals for the construction project to proceed.
A Condo Map, a Tentative Map, a Condo Declaration, and a Subdivision Map all mean the same thing when you are talking about a condo conversion project. The entitlement risk associated with a condo conversion is the same as getting a tentative map approved on a subdivision that has zoning. The risk is unique to the jurisdiction of wherever the deal is, like any political risk.
If the apartment project is zoned for condominiums, recording a subdivision map and getting DRE approval to sell units is a matter having correct timing..
There is also some political factors associated with condo conversions. This involves market/subsidized rental housing advocates challenging the rental supply with conversion approvals but before the planning commission vote. Certain jurisdictions permit conversion without public forum approval.
Our team will help navigate you through the entire financing process and help you avoid pitfalls associated with condo, loft and townhome projects.
We provide customized condo, loft, and townhome solutions
for all kinds of investors nationwide. Whatever your objective-
we can help you structure the loan that meets your needs.
Our success is measured
by our clients' success, and our mission is to be your source for
the most appropriate - and advantageous - financing solution that
helps you achieve your goals.
Make us a part of your finance team. Submit your confidential
loan request here for quick
review, or call our executive team directly in at 1-800-595-1474.
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Commercial
Mortgage Loans, a division of Ocean Pacific Capital, is a nationwide commercial mortgage
portal. We do business in all 50 states. Below are
some the places we do business:
Alabama, Alaska, Arizona,
Arkansas, California, Colorado, Connecticut, Delaware, Florida,
Georgia, Hawaii, Idaho State, Illinois, Indiana, Iowa, Kansas, Kentucky,
Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota,
Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire,
New Jersey, New Mexico, New York, North Carolina, North Dakota,
Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina,
South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington,
West Virginia, Wisconsin, and Wyoming |
