Tibor Hollo, South Florida’s dean of the deal, is thriving
So you want to buy a Miami condo but are afraid prices will keep falling? Or, maybe you’re worried about losing your job or have heard those stories about how hard it is to land a condo loan.
Veteran Miami developer Tibor Hollo is offering at least one salve for would-be buyer anxiety: A no-income, no-assets, no questions-asked loan for 75 percent of a unit’s value, plus a money-back guarantee.
If potential buyers no longer want the condo in three years, he’ll release them from their mortgages and refund their down payments. For investors, he’ll take it up a notch — leasing a unit back, managing it and covering all carrying costs, while guaranteeing a 3 percent return on investment.
The fine print: Only units in Hollo’s Opera Tower near Miami’s performing arts center qualify for the interest-only loans, which come due in five years. He’s also not budging on unit prices, which average out to just under $400,000.