Looking for Mortgage Financing for New Condo (loans, requirements, loan)

[newcondobuyer]

We are currently in contract to buy an apt in a new condo development in Brooklyn. Can anyone recommend a good mortgage provider?

Some of my friends have suggested Wells Fargo and JPMorganChase.

We called HSBC but they will only lend to new construction developments that are 90% sold. We were told by other friends that JPMChase has very strict conditions for new developments.

Any advice or suggestions are greatly appreciated. We have 40 days to obtain a commitment.

[JohnVeenstra]

Whether you speak with Wells Fargo or Chase or anyone else, the mortgage money pretty much comes from the same places and for new condos that is becomining more and more difficult. The requirements for mortgages are pretty much that the project must be 70% sold (actual closed loans plus units under bona fide contract). Some may be stricter and some a little more lenient.

If I knew to whom to refer you, I would, b ut it is just difficult unless you buy and close when the project is pretty much sold---that could take weeks or months or years or never.