Can I buy at the Beacon?
What’s Up with the Beacon?
You’ll see a fair number of open houses over at 250 to 260 King Street across the ballpark otherwise known as the Beacon. The building has been the subject of litigation for several years now concerning its climate systems and other related defects-based litigation. So, can you buy there if you’re financing?
Yes but one lender will want at least 30% down (no points). While another has a 30 yr loan fixed at 3.875%
20% down for owner-occupiers with 1.5 points of the loan amount.
Remember, the reason why lenders don’t like lending on buildings with litigation, is because they don’t want someone else in front of them in a creditor line if it ever came to that.