Tag: loft lenders

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LA Loft Loans – Financing Industrial and Commercial Loft Conversions in Los Angeles

LA Loft Loan Problems – 
Urban Home Loans and Refinancing

Commercial Loft Conversion

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.

#downtownla #loftloan #loft #loftfinancing #loftconversion #loftlender #dtla

*seller and Corey must agree on price and time of possession – details and conditions visit coreychambers.com

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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