chicago-condos & Chicago Real Estate & Chicago Mortgage pcherry on 01 Dec 2009 02:28 pm

Lenders Found For Aqua Buyers Until Fannie Mae Issue Resolved

December 1, 2009 - It was only a week or so ago that we told you about Aqua having trouble with getting Fannie Mae approval for condo mortgages. The issue stemmed from the ratio of commercial versus residential space in this Chicago real estate development. It seems the percentage tips too much towards commercial with the hotel space, albeit unoccupied, and the 474 apartments, with 313 of those already rented. The 264 condos in Aqua are practically all sold out, but the equation doesn’t sit well with Fannie Mae.

To solve the problem at least temporarily, Magellan Development Group has announced that they have found a couple of lenders who will step up and provide nearly full financing for condo buyers. Magellan stated that letters with details about those lenders were sent to the buyers who have purchased through floor 69. Evidentially that is the highest floor currently ready for closings and occupancy at the moment.

Those two financial institutions are Harris Bank and MB Financial Bank. MB has been involved in special rate mortgages in other developments such as SoNo.

If no lenders were found would were willing to offer 90% or more financing, it could have possibly delayed some buyers from closing or completely prevented some sales from going through. With so much pricing competition among Condos In Chicago, developers need to make the most of every opportunity to make a sale and also to close it.

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