I just closed on an investment condo in San Diego with aimloan. Did 25% down to keep rate & closing costs very low.
Here are the 4 things they required of the property which can be answered by condocert or property management company filling out questionnaire.
1. Are at least 51% of the units occupied as a primary residence or second home
2. Does any single entity own more than 10% of the total units?
3. Are there more than 15% of the condominium/association fee payments more than one month delinquent?
4. Is the project currently a party in any litigation?
The answer to #1 had to be yes and answer to #2-4 had to be no or they will not finance it. Some lenders may have a way around those but I’m sure its a very small pool. I also assume down payment and rate would be higher
