Loft Loans: How Loft Financing is Different, and How to Find L.A. Loft Lenders

Lofts usually require a loft lender.  This post will help you understand why, and will inform you on which buildings need a loft lender, and will guide you toward finding the right loft lender for the right building.

L.A. Loft Loans

L.A. Loft Loans

More than half of the homes for sale in Downtown Los Angeles are industrial or commercial buildings that have been converted to live-work residential buildings under the Los Angeles Adaptive Re-use Ordinance.  These structures were built for business, and they are still listed in the records as industrial and commercial buildings, with a note added that they are currently used for residential purposes recognized by the U.S. Postal Service and by most other organizations.

Not everyone sees, understands or observes the ordinance however.  Some real estate professionals, such as home loan companies and most banks, run into confusion and failure when they attempt to lend money on a loft.   The home loan company usually has no knowledge or experience with lofts.  They likely have never heard of an adaptive re-use ordinance.  A problem often occurs when a home loan company or credit union is asked to finance a loft because they initially approve the borrower without looking at the property.  The lender does not begin to check the property until it is in escrow, and sometimes does not finish checking the building until after the buyer has signed off on the contingencies.  The home lender then calls the buyer with devastating news: “… of course we cannot lend on commercial buildings; we are a residential lender.”  The buyer is then faced with losing the property or paying $100 per day for delays.

Loft Lender Karen Chiu

Downtown L.A. Loft Lenders Come Through

This is one of the most common home-buying disasters in Downtown Los Angeles.  This problem is most likely to happen when the loft seller uses an out-of-area agent and the buyer also uses an agent who is not a Downtown specialist.  They have no idea of this common problem.  They also have no idea about the lawsuits related to 20% of the listings and other issues that Downtown buyers need help with.  Buildings with lawsuits often require a litigation lender.  These are some of the main reasons why buyers in sellers in Downtown should consider using Downtown specialist agents and loft specialist lenders.

Why You Should Consider A Loft Lender

A loft lender has the experience and resources of many lenders, including banks, mortgage companies and portfolio lenders, to offer a variety of products, including loft loans, condo loans and home loans.

For a free list of Downtown loft specialist lenders, visit
http://www.coreychambersla.com/gold_affilform2.asp or CLICK HERE

Fill out my online form:

DOWNTOWN LOFT & CONDO:  FOR SALE  |  RENTALS    |  SUBSCRIBE   |  VIDEO

Corey Chambers, REALTOR®
(213) 478-0499
corey@laloft.org
http://www.LAloftBlog.com

L.A. Loft Blog, 816 S Broadway, Los Angeles, CA 90014

The #1 Downtown buyer’s agent with 19 successful buyer transactions closed in 2013, Corey Chambers is a Realtor®, and member of the Top 6 award-winning, 5-Star Yelp rated team.  J.D. Power Award 2012 – Keller Williams Realty ranked Highest in Overall Satisfaction for Home Buyers and Sellers Among National Full Service Real Estate Firms.  DRE#01889449

About Lofts Downtown Los Angeles

Your Loft Sold GUARANTEED or I'll Buy It* Corey Chambers, REALTOR® (213) 880-9910 corey@laloft.org http://www.LAloftBlog.com *by the end of the listing term at a price acceptable to the seller. Realty Source Inc. BRE#01889449
This entry was posted in Buy Loft and tagged , , , , , . Bookmark the permalink.

4 Responses to Loft Loans: How Loft Financing is Different, and How to Find L.A. Loft Lenders

  1. Pingback: Lofts Downtown Los Angeles – LA Loft Blog Celebrates 500 Posts with Top 3 Secrets | L.A. Loft Blog

  2. Pingback: Investing in Downtown Los Angeles – How Investors Get Rich in Downtown LA | L.A. Loft Blog

  3. Because she is the most successful and most reliable residential lender for Downtown condos, Karen Chiu has been absolutely vital to the success of my Downtown loft real estate business. While other lenders have failed or created unnecessary delays much of the time, Karen has been virtually 100% accurate and reliable on everything from pre-approvals to closing times. She has completed hundreds of transactions for our team on time, with 100% satisfaction. When I describe Karen to clients, I inform them that she is not just better, but literally ten times better than other lenders. An essential and integral component to my achievement as a Top 1% buyer’s agent in the City of Los Angeles for 2013, Karen Chiu is consistently the safest and most profitable way to go for buyers, sellers, developers, brokers and anyone who relies on consistently dependable home financing.

    CoreyChambersLA.com

    Like

  4. Pingback: SB Grand Loft Sold in Half the Time at Record Profit | L.A. Loft Blog

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s