By Jan Preslo
Condos make up a huge section of the housing market. But are you working with a lender that can facilitate your loans and help you build a lucrative condo business?
At New American Funding, we have an entire in-house condo approval department that makes it easy for our loan originators to do new and existing condo projects. We work directly with housing developers to make sure their projects meet agency guidelines so borrowers can get FHA, VA and conventional financing.
A lot of lenders don’t have a condo review department, which puts you at a disadvantage if you don’t have a team that can handle condo loans. It means you have to do the legwork, which can be very time-consuming and challenging if you don’t have the condo expertise, or you have to contract a third party, which can be costly.
Our loan originators don’t have to worry about either of these obstacles. Not only do they have an entire department that works on their behalf, but we do all of the condo reviews in-house for free. Furthermore, our condo experts can review a new construction project within two to three business days; whereas most major lenders take about 30 days to conduct a review.
We work hard to make our originators’ job easy and to help them build a profitable business. We not only provide in-house experts and manpower, but we equip our originators with training on how to approve a condo project so that it meets agency guidelines.
As a loan originator at New American Funding, you’re able to walk into a builder’s office or homeowner’s association and work side-by-side with them to get a project approved. You have a checklist with clearly outlined guidelines because we’re in direct communication with all of the major agencies. We can tell you if the reserves are correct or if the project meets the insurance requirements and bylaws.
If you’re working at a company that doesn’t provide you this type of support – how do you break into the condo market? At New American Funding, we give our originators the upper hand so they have the competitive edge in the marketplace.