Multifamily or Not?

Posted By: Many Hats

Multifamily or Not? - 02/27/13 06:32 PM

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?
Posted By: Truffle Royale

Re: Multifamily or Not? - 02/27/13 06:38 PM

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?
Posted By: Dan Persfull

Re: Multifamily or Not? - 02/27/13 06:38 PM

On the mortgage, each unit is listed separately.

1-4
Posted By: Many Hats

Re: Multifamily or Not? - 02/27/13 06:43 PM

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.).
Posted By: Kathleen O. Blanchard

Re: Multifamily or Not? - 02/27/13 06:48 PM

This is many 1-4 family units.