Arts District Downtown Los Angeles Live/Work Loft Penthouse For Lease

500 Molino St #302, Los Angeles, CA 90013 Arts District Loft Rental 1,059 SqFt

Bright top-floor loft in Molino Street Lofts.  #artsdistrict #dtla #loft

Arts District Loft For Lease Molino Street Downtown Los Angeles
Arts District Loft For Lease Molino Street Downtown Los Angeles

Historic industrial character with lots of windows and natural light, east views of 4th Street bridge and mountains. 13-foot wood beam high vaulted ceilings, bamboo hardwood floors, track and pendant ceiling lighting, utility storage closet w/ in-unit washer dryer laundry. Perfect L shape layout gives a natural bed area and living / dining areas. Converted 1920s warehouse authentic architecture, exposed ductwork and steel i-beam pillar. Eclectic hanging windowed wood door room / office partition. Open floor plan living spaces, include a modern kitchen with dark wood cabinetry, black granite countertops, stainless steel appliances and stylish lamps.   VIDEO  |  PHOTOS

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Video walkthrough tour:

Old photos:

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Convenient gated parking space, swimming pool, two rooftop sun decks and gym. Steps from Arts District’s favorite restaurants, cafes, shopping, entertainment, bars, pubs, art museums and transportation: Bavel, Bestia, Officine Brera, Factory Kitchen, Blue Bottle coffee, Stumptown, Urth Caffe, Zinc Cafe, Cafe Gratitude, Grow Market, Villains Tavern, The Springs, Urban Radish, Daily Dose, Church and State, Resident, Wurstkuche, Hauser Wirth and Shimmel, Sci-Arc, Little Tokyo, and Gold Line Metro stops, as well as Soho House and the ultra high-end At Mateo retail-and-restaurant complex being completed at the end of the street. Building controlled-access entry.   A loft living sanctuary with everything that Downtown LA has to offer. $3,250 per month. Call to request a viewing (213) 880-9910.   |   DETAILS

Corey Chambers Real Estate Downtown Los Angeles

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500 Molino St #302 call to request viewing (213) 880-9910
500 Molino St #302 call to request viewing (213) 880-9910

Your Loft Sold GUARANTEED or I’ll Buy It*
No Gimmicks! For information on my exclusive Guaranteed Sale Program, order a Free Report by visiting http://www.GuaranteedSaleSoCal.com
4 Big Reasons to Call the Chambers Team to Sell Your Home:
#1 We’ll Get You More Money – Chambers Team gets you 2.2% more of the asking price
#2 We’ll Sell Your Home Faster – Chambers Team sells homes 44% faster
#3 More Likely to Sell – Chambers Team homes are 16% more likely to sell
#4 We’ve got more than 4,700 buyers in our Data Base looking for a home

To find out how much you can sell your home for and how long it will take, call Corey at (213) 880-9910

Corey Chambers is a REALTOR®, a licensed real estate broker who belongs to the National Association of REALTORS®, the largest trade group in the country, the California Association of REALTORS®, Beverly Hills Greater Los Angeles Association of REALTORS®, Downtown Real Estate Association. Licensed by the California Bureau of Real Estate, Children’s Hospital Los Angeles Ambassadors.

*seller and Corey must agree on price and time of possession. Broker Associate, Realty Source Inc BRE#01889449

Downtown Los Angeles Unwarrantable Condos and Loft Loans and Lenders

Alta Lofts recently entered into the settlement phase of litigation as the builder developer agreed to reimburse the HOA for construction defects.

Lawsuits and unwarrantable condo loans

Litigation is but one of many issues that can affect a buyer’s ability to get a home loan. Most lofts have issues that buyers want to know about before going to see the property for sale. They often need a loft lender for successful mortgage financing. Sometimes they require an unwarrantable condo lender or litigation specialist lender.  #lawsuits #unwarrantable #lenders

One of the biggest disasters in Downtown Los Angeles real estate that can be prevented has to do with home purchase mortgage financing. More than half of the homes for sale in downtown LA are industrial or commercial loft conversions using the city of Los Angeles Adaptive Reuse Ordinance.  These conversions are still listed in the records as commercial buildings. When buyers use a residential lender, especially a discount home loan company, the lender generally has little knowledge or experience with lofts.  The friendly mortgage broker says “Yeah sure I’ll hook you up no problem”. But, he does this without checking on the building type first. The major problem happens weeks later when the home is in escrow and the underwriter finally checks and sees that the building is listed as an industrial or commercial type, and it has unusual issues such as no floor, and the lender has not given them an HOA questionnaire previously. The buildings are often mixed-use with some units allocated specifically for commercial purposes.  The disaster happens when the lender eventually says, at the end of the escrow period, that they will not finance the building, or there will be a lengthy delay or significant extra expenses such as higher mortgage interest rate, higher fees or per diem fees to reimburse the seller for waiting on the delayed escrow.  The property often falls out of escrow at this point, and the buyer and seller must both start over.  This problem happens all the time unfortunately, especially when both the buyer and seller use out of area agents and out of area lenders who are not familiar with the special needs of loft real estate transactions.  By using a loft specialist lender from the onset, this problem could have been prevented.

Other buildings have many renters or other more serious issues that nearly all lenders will find unacceptable.  These are buildings that home loan companies, banks and even loft lenders will not loan on. They are called unwarrantable condominiums.  Fortunately, there are some lenders that specialize in non-warrantable condos.  These are direct lenders for condos with the most difficult of problems, often HOA litigation and lawsuits involving the home owners association.  A litigation lender or unwarrantable condo lender can do 30-year fixed loans up to $2,000,000 for purchase or refinance with cash out.  They can lend on: projects where one entity owns more than 10% of entire project, such as SB Grand lofts; mixed use complexes with up to 80% commercial/retail; high HOA delinquency rate and/or budget issues; new developments with no minimum pre-sold; complexes with high percentage of renters; condo-tels condominium hotels on a case-by-case basis. Originators of non-warrantable condominium loans have excellent, reliable results, and will usually need to charge a bit more interest and fees to cover the added risk that they incur in dealing with these buildings.

Get a free list of loft and condo buildings with litigation or lawsuits. Fill out the online form:

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SB Grand 312 W. 5th St. unwarrantable condo

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association 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.