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Will we ever be able to sell the units, with commercial units in our building under new Fannie Mae Rules?
Chicago, IL
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Posted 4 months ago in Real Estate
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We live in a 6 unit condo Building in Chicago. The first two units are commercial. Making Commericial about 30% of ownership. The unit across the hall is trying to sell their place, but cannot because no one will give a loan out because they say we need less than 20% commericial ownership. We have talked to a few lawyers and it looks like we are basically screwed until the change the rule...as our first attempt at a REA will not appease lenders. Please help, otherwise looks like I am a future landlord. :(
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