Our Preferred Loan Brokers
Mike Cohn
Licensed Loan Broker
Bank of America Home Loans
mike.cohn@bankofamerica.com
310-434-1816
Click here to get pre-approved.
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Ayman Botros
Click here to apply.
One on this above page,
click on "Begin Your
Application Start Now."
Wells Fargo
Office: 909-476-8682
Fax: 866-493-8791
Mobile: 562-773-2938
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Brian Shaktah
Senior Loan Officer
818-742-3293 Direct
818-903-2921 Cell
818-742-4197 Fax
brian.shaktah@prospectmtg.com
Download form.pdf
Download form .doc
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Don Maher
Universal Capital Mortgage Corp.
Downtown Loft/Condo Financing
Click here for application.
(818) 990-7622 ext 206
(818) 907-1646 fax
(818) 515-1475 cell
don@ucloan.net
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Robin Miers
Wells Fargo Mortgage Corporation
888-926-7507
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Mamta Patel
Downtown Loan Specialist
Wells Fargo
213-402-4533
mamta.r.patel@wellsfargo.com
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Craig Barton
118 S. Catalina Ave # i
Redondo Beach, CA 90277
(310) 379-9621
craig.cbloans@gmail.com
craig@cbloans.com
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Catharine Dizon
626-432-9964
catharine.dizon@wellsfargo.com
Wells Fargo Home Loans
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Marcos Santillan
Hard Money Lender
310-871-1726
santillanfunancial@yahoo.com
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Michael Mears
Hard Money Lenders
Olympia Financial
mmears@olympiafin.com
olympiafin.com
16633 Ventura Blvd., Suite 700
Encino, CA 91436
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FHA
Scott L. Groves
Mortgage Consultant
Homeservices Lending
1714 Hillhurst Ave
Los Angeles, CA 90027
818.679.5188 Tel
866.665.1532 Fax
Scott.Groves@hsl-ca.com
www.ScottGrovesLoans.com
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Financing Your Loft Purchase
When you are purchasing a loft/condo, it is your responsibility to locate someone who will give you a home loan. The first step is getting "Prequalified." Prequalified is a quick process where a loan officer will do a debt to income calculation. In addition, they will take any amount of money you have to 'put down' into consideration. With this information, they will give you a limit to how much you will be able to borrow. They will also explain what your monthly payments will look like at the price you are wanting to buy. Usually, this is the ceiling of the final price point your loft must cost. In this market, we can shop about $50,000 to $100,000 above that price point depending on the final cost of your loft. Lofts under $650,000 may reflect $50,000 to $100,000. It depends on many variables including time on the market, location, etc. On properties higher than $650,000, you might find more negotiation. Of course, we can locate as many lofts that you like and put in as many aggressive offers as you wish. It's always best to have more than one loft you want. With the 'multiple offers' strategy, you may get a better deal on select lofts.
After we have an accepted offer on a loft, the next step is getting "Pre-Approved" for the purchase price of your loft. This is an in-depth inquiry into your financial situation by your Mortgage Lender. Mortgage Lenders check your banking accounts, call your work to confirm employment, etc. They will look at your monthly credit card bills and other monthly payments to see that you are paying everything on time.
Remember, this is completely your responsibility. We have included on this web page "pre-qualification" forms of Mortgage Lenders who our past clients have used successfully. We do not endorse, recommend, encourage, or require your choosing any lender. Select new Developments have preferred lenders. If you do choose a loft in a "New Development," the requirements that this particular loft community demands of you may require getting pre-qualified by their in-house lender. Any other pre-qualification does not apply. We just want you to anticipate this happening if you choose a loft in a "New Development."
If you prefer to check with your bank directly, you can prequalify with a local banker. Ask your banker how much your maximum & minimum payments will be on the price range you can afford. Shop your loan when you shop for your home.
Feel free to download pre-qualification forms below. Choose any lender. You might want to choose a "Loan Broker." A loan broker works with all the different banks out there. Choosing a bank may or may not be the best option. Let us know if you have any questions.
Call us for more referrals!
877-4LA-LOFTS
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