Non warrantable condo
I currently have multiple interested buyers on a non warrantable condo in Michigan. This non warrantable status just recently happened due to new insurance policy on the condominium. The buyers are aware of all of this and are still interested. Curious if anyone has had luck finding a lender with similar issues? The issues we currently have with getting a conventional loan is due to the following remarks on the insurance policy:
• The roof being classified as “non-warrantable” under the new insurer despite the November 2024 replacement
• The inflation adjustment being set at a fixed rate with no guard provision
• The water damage being capped at $100,000 per building
We are obviously actively looking for a lender that would do a specialized portfolio loan on this but now that it’s the weekend I’m just looking for feedback/opinions.
With the limited information above does it seem likely that a credit union would touch this for a portfolio loan? Or is it looking like I am stuck only looking for a cash offer?