Are condos in Brickell getting financing? a closer look at recent financed sales

Getting a loan to purchase a condo in brickell is a complicated and frustrated task to many buyers. Last week my client Oscar was very impressed when i told him that most of the condo purchase in Brickell were cash deals. And he said: Well I am willing to put 30% to 40% down payment I am sure i can get financing. Unfortunately that's not the case, lenders want more assurance, its not only qualifying the buyer is also qualifying the property in question. Many banks feel at risk extending financing to purchase condos in Brickell.

I've made a research on the last 90 days of condo closing and found out very interesting facts. While many new construction condos have Fannie Mae 1028 Project approval, what about the rest of the condos in brickell and which banks are lending?

Which Brickell condos recently got financing?

Icon on brickell was the big winner. With many units selling in the last 90 days and getting a big help from its Fannie Mae condo approval, Icon on brickell was blessed to get financing from: HSBC (usa), WellsFargo, Bac Florida, boutique bankers at Northern Trust, Espirito Santo Bank,Interaudi Bank and Transouth Mortgage Corp. The average loan at Icon on Brickell was $293,965 the average down payment was 40%.

Thought Condo Hotel Financing was over? Think again. Millennium Towers Condo Hotel, also known as Four Seasons Condo Hotel was very lucky also. Bac Florida Bank gave loans with average of $207,298, buyers contribute with an average of 44% down payment in the purchase of a condo hotel in brickell.

The Plaza on Brickell was also fortunate. Banks were confident enough such as HSBC usa, WellsFargo and Home Financing center. Altough most of the sales were done in cash, buyers were able to get an average loan of $259,376 with a down payment of 20%. The Plaza on Brickell is also Fannie Mae Approved Project.

Neo Vertika Condo Lofts located west of Brickell Avenue was a surprise to me. Not only did Neo Vertika was able to get financing, it got Conventional and FHA financing. The average condo loan was $126,742 and the average down payment was 15%. Lenders were: Hayhurst Mortgage, Regions Mortgage, Hsbc Mtg Corp (Usa) and Homeservices Lending.

Brickell Bay Club an older condo in the south of brickell also got financing with an average loan of $191,833 and with an average down payment of 40%. Lenders getting confidence on the brickell market in this particular condo were: Hsbc Mtg Corp (Usa), Jp Morgan Chase Bank and Wells Fargo Bank.

Remember when Jade at Brickell Bay was a bad word to lenders? well it was a huge surprise to me when i saw that Home Services Lending extended a loan in the amount of $417,000 for the purchase of a condo in Jade Condo at Brickell Bay. A great sign for this building it seems that recovery is very well on the way. Many buyers would love to purchase a condo using financing in the desirable and luxury Jade at Brickell Bay maybe Home Services Lending opens the gate to many more lenders to give loans in this bueatiful building.

Carbonell Condo at Brickell Key is back: WCS was confident in lending $290,000 with a 55% down payment, hopefully this is also a good sign for this building and financing is back to Carbonell at brickell key a beautiful building.

The Club at Brickell Bay have been in newspapers headlines for the past years, too many foreclosures, too many short sales, and too many management companies in and out. Nowdays The Club at Brickell Bay is different, new hallways, better security and it seems lending is back. Plaza Home Mortgage and Gibraltar Private Bank extended loans in the last 90 days in the Club at Brickell Bay. The average loan was $187,500 with a down payment of 25%

Isola Condo in Brickell Key has a preferred Lender: Wellsfargo feels confident with Isola and has extended loan in the past months, also a new lender geting acquanted is Gibraltar Private Bank. Loan were few but the average loan at Isola was $141,250 and the average down payment was 30%

One Miami Condo located right across the river got financing also from Branch Banking & Trust, Regions Mortgage, Churchill Mortgage Corp and Wells Fargo Bank. The average Loan was $225,500 and buyers contribute with an average of almost 40% down payment.

The most expensive loans were given to Three Tequesta at Brickell Key and Epic Residences: At Three Tequesta in Brickell Key, Northern Trust gave a loan in the amount of $750,000 for the purchase of a 1Million Plus Condo. At Epic Residences the close neighbor Espirito Santo granted a loan for $700,000 for a purchase of a luxury 1Million+ condo in the recently built condo tower and hotel. Down payment? 40%

Which lender approved more loans in Brickell in the recent months? Lets take a look at the winners:

1st Place to HSBC Usa with 15 loans and an average of $237,000 loan. Many of the loans were granted in Fannie Mae Approved Projects.

2nd Place to Wellsfargo Bank Na with 8 loans the average loan was $192,322. Many of the condos were also Fannie Mae approved Projects.

3rd Place goes to Bac Florida Bank. A bank known for its great loan products tailored to foreignationals. Average loan amount was $221,256. And its favorite property was Millenium Condo Hotel. Also lended in Icon at Brickell.

4th Place goes to a Regions Mortgage. This is a surprise, regions is coming to Brickell and it seems it likes it altough conservative. The average loan was $ 182,120. And was one of the bank granting an FHA loan in Neo Vertika.

Brickell Financing Conclusion:

It still hard to get a loan when purchasing a condo in Brickell, just take under consideration that if the building is Fannie Mae Approved you have higher probabilities.Many New construction condos have fannie mae Approvals but not all of the them for a list of Fannie Mae Approved Projects in Brickell visit my post: Brickell and Downtown Miami Condo Financing Approved Fannie Mae Condo Projects.

Low end condos have more trouble getting financing it seems that Neo Vertika and Isola at Brickell Key are one of the few lucky ones most of condos for less than $250,000 have been purchased in cash. The average downpayment for this segment was 25%

Mid-Range condos have better luck, condo purchases in brickell between $250,000 and $500,000 were able to get financing with an average downpayment of 40%.

Upper-Range condos from $500,000 and up were able to get financing in a positvie way considering the average loan amount was $405,000. In this segment luxury buyers needed to increase their downpaymet to an average of 50%

Disclaimer:This Information was obtained from Miami Dade Public Records. To make sure a property you are purchasing has financing please consult with your mortgage lender or mortgage consultant. closed sales does not automatically indicates that a certain bank will lend again in a particular condo project you must consult it directly with the lender and fill out a mortgage application in many cases. Each mortgage application needs to be given a one on one consideration by the lender since many cases differ from another.