The issue with lenders is the security, or lack thereof. A condo corp usually owns no assets. The security a condo corp can give is an assignment of the right to do a cash call at a later date if the loan goes into default (lack of payment, builders liens, etc). As a result, traditional lenders shy away and the secondary lenders are who provide the service.
Last time I checked the rates are around 7.5-8%, but every case is different. Best bet is to speak to those who offer the service.
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