Phil Grossfield's Blog


Condos>51%, Birthday Boy, Pending Sales, Greece

I'm Four!

My Schedule…and a little extra: Today is my boy’s 4-year birthday…all I can say is “Wow.” This morning I explained to him that life is a journey…that life is about enjoying the present moment…that life is full of miracles if you pay attention. He looked me right in the eye and said, “Daddy, I want pancakes.” He’s such a big boy! In economic news: The Pending Home Sales report was positive…more homes are pending sale than in the last 2 years. Greece continues to grab headlines…it is officially rated in default. These reports should bode well for rates as they indicate a stronger bond market and a weaker stock market. When traders would rather invest in bonds than stocks, generally rates improve. My Schedule: I have a conference call this morning and an appointment through noon…so, I will be hard to reach until after lunch. Please be patient with replies….

Condos with >51% Investors: Occupancy % is irrelevant if (1) the LTV is no more than 80% so there is no MI issues to consider; and (2) the subject is a primary residence or 2nd Home – not an investment. For example, you have a condo where there are 35% owners and 65% are investments. Your borrower is buying as owner-occupied with 20% down. Will InterBank lend? Yes! Let me know if you have any questions, okay?

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