This BLOG On Condo Hotel Loans Mortgage Guidelines And Requirements Was UPDATED On June 15th, 2019
Word is out that Condotel mortgage loans are back in full force in the United States, especially in Florida, California, Texas, Georgia, Illinois, Michigan, Ohio, Kentucky, Colorado, New Jersey, Pennsylvania, Mississippi.
- Florida condotel loans have been next to non-existent since the real estate and credit meltdown of 2008.
- Most folks who own Condotels in Georgia, Texas, Colorado, Kentucky, Mississippi, New Jersey, Pennsylvania, Ohio, Michigan, California, Florida, and Illinois and have condotel loans have been stuck with their high-interest condotel mortgage loans
- The majority of Florida Condotel unit owners and Illinois Condotel unit owners who have Condotel mortgages have their interest rates north of 8%
- Many have been fruitlessly trying to refinance their Condotel loans the past several years to no avail
- No worries
- I can help any Condotel unit owners refinance their Condo Hotel Loans
Get Qualified For Condo Hotel Loans
As for those folks who dreamed of owning a Condotel unit the past several years, they are in luck.
- Most folks who have been interested in buying a Condotel unit have given up due to Condotel financing being non-existent
- Most Condotel unit sellers would not even entertain a Condotel purchase offer unless it was cash
Well, now that is not the case anymore. Condotel Financing is back and strong.
Condo Hotel Loans Available In All 50 States
I get dozens of Condotel financing inquiries each day from all over the United States and even out of the country.
- The problem I am running into now is that even though the Condo Hotel complex and the borrower is pre-approved for a Condotel loan, the sellers and selling real estate agent have a hard time believing that the potential Condotel buyer has secured pre-approval
- In almost all of the cases, I need to either speak to the Condotel seller or the selling agent and confirm that the potential borrower has been pre-approved for a Condotel mortgage loan
Condo Hotel Loans: Adjustable Rate Mortgages
- Condo Hotel Loans are portfolio loans and are offered as 3/1 ARM, 5/1 ARM, and 7/1 ARM products
- Condotel mortgage loans are amortized over 30 years and there are no prepayment penalties
- There are lending guidelines and reserve requirements
Investment Condo Hotel Loans
For condotel unit buyers who do not qualify due to poor credit or not enough income there are alternative financing available:
- The Gustan Cho Team now offers condotel mortgage loans for investment home buyers
- We are correspondent lenders with investors who are the largest and most reputable private money lenders in the United States
- Investment Condo Hotel Loans require a 60% loan to value
- Closing is normally done in 3 weeks or less
Condotel Buyers who have any questions on Condotel mortgage loans, please feel free to contact Gustan Cho at 262-716-8151 or text us for faster response. Or email Gustan Cho Associates at firstname.lastname@example.org.