Resource company for lenders acquires condominium approval services

CondoTek recently acquired National Condo Advisors (NCA). The two companies said they will leverage their expertise in the condominium-lending market and grow their customer base through product breadth and targeted services. The terms of the deal were not disclosed.

Asher Kahn and Joshua Kahn, co-founders of CondoTek, will continue to lead the company. Orest Tomaselli will take on the role of president of the Project Review Division, according to a company release.

CondoTek is nationally recognized as a technology and information firm that provides lender-focused real estate related products and services in the condominium and cooperative lending space. Their flagship product, CondoPak, is utilized by large, mid-sized and small lenders throughout North America., the release stated.

With a heavy concentration on creating efficiency for lenders when underwriting condominium and cooperative loans, CondoTek will incorporate the experts from National Condo Advisors to provide best-in-class consultation to lenders, builders, developers, property managers and real estate firms as well as homeowners’ associations and institutional investors.

“We were drawn to National Condo Advisors because of their reputation for excellence and integrity in the real estate financing industry,” Asher Kahn said in the release. “With NCA’s proven condo and co-op lending compliance expertise, significant resources and relationship-driven approach, we are confident we will be able to accelerate the growth of our business, further enhance our solutions and provide crucial services to even more clients.”

Led by Tomaselli, National Condo Advisors has experience in obtaining Fannie Mae, Freddie Mac, FHA, VA and portfolio lending condominium project approval. The company has received numerous industry awards for its leadership, is heralded as industry experts and highly sought-after accomplished speakers; and is recognized as the best in the condo and co-op lending market, the company said.

“CondoTek has achieved tremendous success growing its tech-enabled product offering, CondoPak,” Tomaselli said. “We are excited to partner with Asher and Josh and the rest of the talented team at CondoTek to support our shared vision of creating a seamless condo loan.”

CondoTek was founded in 2013 and operates in all 50 states.  Royer Cooper Cohen Braunfeld LLC acted as legal advisors to CondoTek in the transaction.