Hey Everyone,

I know that given the likely clientele of this forum most are likely paying, "straight cash homie", to quote the great Randy Moss. However, if one were to finance some or all of a garage condo, would it be able to qualify for a regular fixed rate mortgage or is it not considered a residence and therefore would not qualify?

I am not asking whether or not it's a good idea to have to finance one(I'll make that call), I am just curious because the most ideal scenario given current interest rates would be to lock in long term low rates but I am not sure how these garage condos would be viewed from the stand point of the banks.

Does anyone have first hand experience in dealing with this or know if there is a way to get a low long term fixed rate assuming my credit is good?

thanks for the help!

 

I do not have first hand experience at financing a garage condo, but you have touched on most all the concerns a typical bank might have: non-residential, potential re-sale value or market for re-sale, etc.

I would try to find out which bank did the development/construction loan for the condo project. They would at least be familiar with the concept and might consider doing individual unit loans....but who knows how long a term.

Good luck! I'd be curious to hear what you find out.

 

Sometimes paying cash isn't the most fiscally savvy move, eg during times of < 4% mortgages.

Most banks aren't into financing these - mostly because they don't get the concept.

Call Tom Hughes at Community Bank in Chanhassen (952) 227-2405.

He gets it & they have done many loans for condo's at Automotorplex.

Good luck,
Chris