Condo Hotel Mortgage Loans Requirements And Guidelines
This BLOG On Condo Hotel Mortgage Loans Was Updated On July 16, 2017
There are only a few mortgage lenders that specialize in Condo Hotel Mortgage Loans.
- Condo Hotel Mortgage Loans are portfolio loans and have very strict lending guidelines.
- I specialize in Condo Hotel Mortgage Loans is Illinois and Florida.
- I will be covering the newest condo hotel mortgage loans updated mortgage guidelines that will be in effect June 1, 2013.
Condotel Unit Requirements
- Our condo hotel mortgage loans wholesale lender is requiring that a condotel have at least one bedroom and a functional kitchen in order for them to consider financing a condotel unit in California, Illinois or Florida.
- The condotel portfolio lender would like to see a minimum of at least 500 square feet.
- The condotel project cannot have any litigation going on and must not have any pending major violation issues by the county’s building department.
- The condotel portfolio lender wants to make sure that the condotel project is structurally safe and that the condotel project is not financially distressed.
There are strict requirements for condo hotel mortgage loans borrowers.
- Minimum credit scores requirements apply.
- We require that the condotel mortgage loan borrower have at least a 680 FICO credit score.
- For those who have lower than 680 FICO credit scores, they would have to wait until they can boost their credit scores to 680 FICO.
- There are no exceptions.
- I can help those folks who have lower than a 680 FICO credit scores improve their credit scores.
Cash Reserve Requirements
We require that the condo hotel mortgage loans borrower have at least a one year’s reserve for the subject property as well as other properties they own.
- For example, if the condotel unit mortgage borrower has a single family home in California, Illinois and wants to purchase a condotel unit in Florida, we require that the borrower have one years reserves of principal, interest, taxes, and insurance for both the principal residence as well as the subject condotel’s proposed principal, interest, taxes, insurance, and HOA payments.
- Only 3 months of the reserves needs to be in cash and the balance can be in retirement funds, and/or securities.
NON-QM Loans And Bank Statement Mortgage Loans For Self Employed
Real Estate Investors who are interested in short term financing and are interested in a quick private money loan and have a 35% down payment, Capital Network Group Inc. CNG offers the following:
- Short Term Hard Money Rehab Loans
- Bank Statement Mortgage Loans For Self Employed Borrowers
- No Doc Fix And Flip Rehab Loans
- No Doc Short Term Rehab Loans
- Commercial Lines Of Credit For Real Estate Investors
- All Types Of Commercial Financing
Contact Gustan Cho Associates Today
Condotel unit buyers and commercial real estate investors who have any questions on Condo Hotel Mortgage Loans and/or commercial loans, please contact us at 262-716-8151 or email us at firstname.lastname@example.org. Real Estate Investors and home buyers can also subscribe to our newsletter at www.gustancho.com