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#1789737 - 02/27/13 06:32 PM Multifamily or Not?
Many Hats Offline
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Posts: 915
Orlando, FL
Loan was done on a group of condominiums that are being rented. The original purpose was to take these condominiums - rent them out while the market is down and try to sell them later on when the market comes back around. BUT, right now 90% of the units taken as collateral are being rented out. On the mortgage, each unit is listed separately.

Reported as a multifamily or as a 1-4 family?

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#1789747 - 02/27/13 06:38 PM Re: Multifamily or Not? Many Hats
Truffle Royale Offline

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Group of condomiums = more than 4?
Is there just one mortgage listing all the units as collateral
OR
multiple mortgages with one unit on each one?

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#1789748 - 02/27/13 06:38 PM Re: Multifamily or Not? Many Hats
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
On the mortgage, each unit is listed separately.

1-4
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1789753 - 02/27/13 06:43 PM Re: Multifamily or Not? Many Hats
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
There are a total of 200 units (multiple buildings) on the same property.

The lien is on 70 units. There is one mortgage and in the legal description, it lists each unit (i.e., Unit 101, Unit 104, etc.).

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#1789756 - 02/27/13 06:48 PM Re: Multifamily or Not? Many Hats
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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Posts: 21,277
This is many 1-4 family units.
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