Florida has a large inventory of condominiums - and that's an understatement.
We've been dealing with inventory, foreclosures, short sales,
the minimum number of owner occupied units.
Now, according to an article in this morning's St Petersburg Times, the lender is also requiring information on the following:
- Adequacy of condo association operating budget;
- Percentage of unit owners who are late on condo fees;
- Percentage of space allocated to commercial use.
- Reserves of 10% of current operating budget for capital expenditures and deferred maintenance.
and are often limiting their exposure to a particular building or development.
And who's to do the research and warrant the accuracy of their research? (drum roll, please)
....... the lender.
What a demand on time, and what a burden - isn't that like rendering a legal opinion?
So, if you thought condo financing was interesting in the past ....just wait.
