Breaking News | 95% Financing Condominium in Fort Lauderdale
written by Frank Vigliotti, Realtor and Co Founder of the Henri Frank Group.
Offices located in Fort Lauderdale and Wilton Manors.
Perhaps this is another sign of the real estate market recovery here in South Florida. We now have a condominium building that a lender only requires 5% cash down payment. Berkley Towers can be purchased with 95% financing through Supreme Lending, a mortgage originator with a strong presence here in South Florida. This is the first condominium building in eastern Broward County or all of Broward County that requires such little cash down payment.
Up until now and for all other buildings in Broward County that are being governed by a condominium association, the cash down payment requirement has been a minimum of 20% and most required 25% of the purchase price in a cash down payment. These guidelines are a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act , the federal government guidelines to lending, enacted in 2010 in response to the federal financial regulatory system, the US mortgage meltdown of 2007 and the Great Recession.
Why is this important? It will attract more buyers to that building which will positively impact the selling price of those condominium units. Berkley Tower, a 19 story high-rise only one block from Fort Lauderdale beach has a remodeled lobby, commercial spaces on the first floor and offers a long list of luxury amenities, prices range from the mid-200’s up to the high-300’s. Investors this is an option if Condominium investments are what you are looking to purchase. The rental policy is liberal and allows you to rent the unit right away.
As of today there are (8) active condominium units listed and (1) commercial suite listed for sale. A commercial suite at $99,000 being sold through a foreclosure is available. Residential units, two bedroom, two bath with a underbuilding garage space are available from $204,999 to $379,999.
Call me, Frank Vigliotti, at the Henri Frank Group located in Fort Lauderdale and Wilton Manors to preview units for sale at the Berkley Tower.