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The Board of Directors of the community I manage is currently reviewing 2 hardship requests to override the current lease permit waiting list and allow 2 units in the building to be rented. However, there is a limit to protect value of the building (and its residents) that no more than 20% of the building may be rented out to non-residents. The B.O.D. for the HOA would like to know if they grant one or both of these cases- will lenders be less likely to favor units that are for sale or applying for refinancing. How should I advise my B.O.D.? We are a 70 unit luxury midrise condo building in a central and affluent part of the city, with only 6 units up for resale and no foreclosures to date.
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