I've spoken to so many people lately that think that they qualify for any lending on any property just because they have a good credit score, or Bill Gates will be co-signing for them.
Many of the loft developments in the city are considered "Non-Warrantable" condominiums. In english, that means that the loan will not be able to be sold by your lender on the secondary market as a conforming "Fannie Mae or Freddie Mac" loan.
Broken down further, that means that you may have trouble getting financing for that fantastic new loft IF YOU DON"T HAVE THE RIGHT LENDER.
UPDATE: We work with lots of great lenders. Unfortunately, since this post was originally written, banks and other investors have stopped lending their own money and loans for non-warrantable lofts are much more difficult to come by. Contact US! Its heartbreaking when a client thinks they can find the needle in the haystack and tries, only to find a mortgage person that's trying to get their "foot in the door" by telling them that they can probably do that type of loan, only to make an offer, pay for an inspector and appraisal, then be told "NO". I've heard too many times that people use their own resources only to find out that the bank isn't set up to write loans on Non-Warrantable Condos.