CondoTek

Special thanks to our presenters, Orest Tomaselli, President of Product Review, and Mercedes Good, Director of Lending Compliance, for their invaluable insights. With over 600 registrants, we were thrilled to engage with so many of you and delve into your questions about condo and co-op insurance. For those who missed the live presentation or would like to revisit the discussion, you can find the presentation slides and recording on our blog at www.CondoTek.com/blog

We are thrilled to announce that over 400 professionals have registered for our upcoming webinar on "Analyzing Condo and Co-Op Insurance Policies for Lending Compliance." Join us as we delve into the critical aspects of insurance and their impact on lending compliance. Whether you're a lender, real estate professional, or property manager, this session promises valuable insights and practical strategies to navigate this complex landscape. ?? Date: March 12th, 2025 ?? Time: 1:30PM EST ?? Register here: https://lnkd.in/ehHEwXBZ Thank you to everyone who has signed up! We look forward to an engaging discussion and hope to see you all there. #Webinar #LendingCompliance #CondoInsurance #CoopInsurance #RealEstate #Insurance #ProfessionalDevelopment https://lnkd.in/ehHEwXBZ

The webinar everyone has been asking for...Analyzing Condo/Co-op Insurance Policies for Lending Compliance. A webinar you will not want to miss! https://lnkd.in/ekpJ6REy #insuranceguidelines #condolending #condominiums

The webinar everyone has been asking for...Analyzing Condo/Co-op Insurance Policies for Lending Compliance. A webinar you will not want to miss! https://lnkd.in/ekpJ6REy #insuranceguidelines #condolending #condominiums

Thank you to the Mortgage Collaborative for the recent Preferred Partner Spotlight. #CondoLending #CondoTek #TMC #TMCFamily #TheMortgageCollaborative #ThePoweroftheNetwork

So grateful for our partnership with The Mortgage Collaborative. #CondoLending #Mortgage #RealEstate

CondoTek: Condo & Co-op Lending Compliance CondoTek is the nation’s premier provider of condo and co-op lending compliance solutions, ensuring seamless loan warrantability nationwide. Lenders rely on our automated CondoPak to efficiently collect and acquire all necessary data and documents for internal reviews. Our Condo Project Warrant service goes further by managing the collection, review, and warranting of essential condo and co-op documents, guaranteeing compliance with agency lending guidelines. Backed by our trusted analysis, we provide a risk-free condominium review used by lenders of all sizes. For condo associations and developers, we offer comprehensive project approval services and our exclusive Lending Compliance Report, which evaluates operational, budget, insurance, engineering, reserve study, and violation data to ensure compliance with agency guidelines. This gives condo and co-op associations a clear path to maintaining mortgage availability while helping lenders identify and address non-compliant properties. Find out the best solution for your firm by contacting us today. Ensure compliance. Reduce risk. Secure financing. ?? Contact us for a product demo or to place an order at [email protected].

Elevate Your Condo Lending Experience with CondoTek - Featuring CondoPak and Condo Project Warrant. #CondoTek #CondoLending #CondoPak #CPW

Understanding Florida's new condo reserve and inspection laws is critical for both homeowners and buyers. For owners, it's essential to ensure their association remains compliant to protect both the safety and financial stability of their investment while also avoiding potential future penalties. For buyers, evaluating a building’s financial stability and reserve plans can help identify sound investments and avoid costly surprises. https://lnkd.in/gp5m-3qB #condolending #condocomplaince #condotek

Top seven reasons why condominium loans may not be approvable: 1.? ?Insurance Issues: If the condominium association does not have adequate insurance coverage, or if the insurance policy does not meet lender requirements, the loan may be denied. 2.? ?Condotel Classification: Condominiums classified as condotels (a combination of a condo and a hotel) can be problematic because they often do not meet conventional lending standards. 3.? ?Deferred Maintenance/Critical Repairs/Special Assessments: If the condo association has significant deferred maintenance or critical repairs that are not being addressed, or if there are ongoing special assessments for such repairs, lenders may consider the property to be a higher risk and deny the loan. 4.? ?Excessive Commercial Space: If the condominium includes an excessive amount of commercial space compared to residential units, it can affect the marketability and financial stability of the property. 5.? ?Single Entity Ownership: If a single entity or individual owns a significant portion of the units in the condominium (often more than 10-15%), it may raise concerns for lenders about the stability of the condominium's financial situation, as it could lead to a lack of diversity in ownership. 6.? ?Mandatory Membership and Reserves: If the condominium association requires mandatory membership in certain organizations or has insufficient reserve funds for future repairs and maintenance, lenders may view this as a risk. Adequate reserves are crucial to ensuring the long-term upkeep of the property. 7.? ?Inadequate Financial Health of the Association: If the condominium association has poor financial health, such as low reserves, high delinquency rates on dues, or ongoing legal issues, lenders may be wary of approving loans for units within that association. #condolending #CondoTek #CPW