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Broken Condo Expert - They can be Fixed!
Two Examples of Broken Condos (Construction Loan in Default)
90% of Projects Today are
'Partially Completed' – 25 Total Units;
Construction appears to be 75% Completed
‘Paperwork’ / ‘Entitlement’ Status Unknown
Consumer Contracts may exist, no units Conveyed
Construction appears to be 100% Completed
Five (5) Units Sold / Conveyed (Closed Escrow)
Three (3) Units to Developer ‘Friends & Family’
Two (2) Units to Owner / Users
One (1) Unit has the Buyer / Consumer Loan in ‘Default’
- Consumer take-out financing approvals lost or unknown
- ‘Paperwork’ / 'Entitlement' & ‘HOA’ Status Unknown
HOA Delinquencies have likely caused the HOA to be insolvent
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