LA Loft Loan Problems –
Urban Home Loans and Refinancing
It is the #1 most common disaster that buyers and sellers encounter when transacting a loft condo in LA. — This shocking problem happens most frequently when the buyer and seller both use an out-of-area agent who has no idea about the uniquely challenging financing issues that surround live-work loft conversion. After an often clumsy process of finding the right loft, and then finally getting into escrow, the buyer receives a very unexpected phone call from the lender that goes something like this: “of course we cannot complete the loan as promised… we are a residential lender and you told us you were financing a residential property. This is not a residential building.”
Avoiding this disaster is easy when the buyer has access to the best information about loft financing. Below is a list of loft buildings that may require a loft lender, litigation lender or other special financing.
MOST DIFFICULT DOWNTOWN BUILDINGS TO FINANCE:
1100 Wilshire – 1100 Wilshire Blvd, 90017 – COMMERCIAL
655 Hope – 655 Hope St, 90017 – COMMERCIAL
Alta Lofts – 200 San Fernando Rd, 90031 – INDUSTRIAL
Barker Block – 510 S Hewitt St & 530 S Hewitt St, 90013
Bartlett Building – 215 W 7th St, 90014 – COMMERCIAL
Barn Lofts – 940 E 2nd St, 90012 – INDUSTRIAL
Beacon Lofts – 825 E 4th St, 90013 – INDUSTRIAL
Biscuit Company – 1850 Industrial St, 90021 – INDUSTRIAL
Bunker Hill Tower – 800 W 1st St, 90012 – LITIGATION
Douglas Building – 257 S Spring St, 90012 – COMMERCIAL
Eastern Columbia – 849 S Broadway, 90014 – COMMERCIAL
El Dorado Lofts – 416 S Spring St, 90015 – COMMERCIAL
Flower Street Lofts – 1130 S Flower St, 90015 – INDUSTRIAL
Gallery Lofts – 120 S Hewitt St & 130 S Hewitt St, 90013 – INDUSTRIAL
Grand Avenue Lofts – 1100 S Grand Ave & 330 W 11th St, 90015 – COMMERCIAL
Higgins Building – 108 E 2nd St, 90012 – COMMERCIAL
Little Tokyo Lofts – 420 S San Pedro St, 90013 – INDUSTRIAL
Metropolis Los Angeles – 8th Street and Francisco – NEW DEVELOPMENT
Molino Lofts – 500 Molino & 530 Molino St, 90013 – INDUSTRIAL
Pan American Building – 253 S Broadway, 90012 – COMMERCIAL
Rowan Lofts – 460 S. Spring St, 90013 – COMMERCIAL
Santee Village – (See Eckardt, Cornell and Textile) – INDUSTRIAL
SB Grand (Shybary Grand or Shy Barry Grand) – 312 W. 5th St, 90013 – INDUSTRIAL
Sky Lofts – 801 S. Grand Ave, 90017 – COMMERCIAL
Textile Building – 315 E 8th St, 90014 – COMMERCIAL
Toy Factory – 1855 Industrial St, 90015 – INDUSTRIAL
Toy Warehouse – 215 S Santa Fe Ave, 90012 – INDUSTRIAL
Refinancing
Save money every month by taking advantage of historic low interest rates. Get cash out of home equity to pay off bills, credit cards, car with deductible interest.
Loft Mortgage
A free report has been prepared entitled “How to Get the Best Deal on a Downtown Loft Loan” that will help buyers and sellers to complete a live-work loft transaction quickly, smoothly and at the lowest cost and how to find the right lender for the right loft. Also, how to get cash out to pay off bills in a way that is tax deductible. To get your free loft lending report, fill out the online form:
LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]
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Your Home Sold GUARANTEED or I’ll Buy It*
Corey Chambers, REALTOR®
(213) 880-9910
coreychambers@yahoo.com
http://www.laloftblog.com/
Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 Not associated with the homeowner’s association, seller or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
Based on information from the Association of REALTORS®/Multiple Listing as of [date the AOR/MLS data was obtained] and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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*seller and Corey must agree on price and time of possession – details and conditions visit coreychambers.com