Condo Hotel Mortgage Refinance Loans Florida
This BLOG On Condo Hotel Mortgage Refinance Loans Was UPDATED On June 30, 2017
Many current condotel owners nationwide still have high interest rates on their condo hotel mortgage loans. Some have interest rates as high as 9%.
- Condo Hotel mortgage loans are only offered by a few portfolio lenders and have increasingly become difficult.
- Many condotel unit owners have mortgage loans with large banks like JP Morgan Chase, Wells Fargo, Citibank, and Bank of America.
- Unfortunately, all banks stopped originating condotel unit loans even to borrowers who have condotel loans already.
- Condotel Financing is 30 year adjustable rate mortgages.
- 3/1, 5/1. 7/1 ARMs
Big Banks And Condo Hotel Mortgage Refinance Loans
Even though these condotel unit owners have been loyal clients of these banks, these banks are not willing to do their condotel refinance loans.
- I specialize in condo hotel refinance loans and condotel purchase loans Nationwide, but especially in Illinois and Florida.
- The Gustan Cho Team gets dozens of condotel refinance loans inquiries everyday.
- One of the hurdles with condotel refinance loans is that many condotels do not qualify for condotel refinance loans because the loan to value requirements.
- 75% Loan To Value is required unless the condotel unit owner is willing to make up the difference of the minimum loan to value requirement and the appraised value of their condotel unit.
Condo Hotel Mortgage Rates & Minimum Loan to Value Requirements
The minimum loan to value requirement on condotel mortgage refinance loans is 75% loan to value on primary and second condotel mortgages. The loan to value is 60% on investment condotel mortgages.
- A large percentage of condotel unit owners purchased their condo hotel units in the mid 2000’s and either paid top dollar for their condo hotel units or have only put down 20%.
- The value of Condo Hotel units in Florida and nationwide have dropped significantly in recent years but is on its way back up.
- Condotel mortgage rates are higher than than conventional rates.
- Condotel Refinance Loans are adjustable rate mortgages based on index and margin.
LTV On Condo Hotel Mortgage Refinance
Condotel unit owners who are planning on refinancing their condotel unit mortgage need to make sure that they meet the loan to value requirements:
- Loan To Value requirements is 75% LTV on primary and second homes.
- If condotel unit appraises out at a lower value, the refinance cannot go through unless the borrower can meet the 75% LTV.
- Investment Unit condotels require 60% Loan To Value.
- Any condotel unit owners with three or more properties are considered investment condotel refinance mortgage loans.
- On condotels with loan to value greater than 75% loan to value, unit owners would need to pay down the condotel mortgage loan so it falls at or below the 75% loan to value.
- The condotel unit needs to be at least 500 square feet, have at least one bedroom, and have a full functional kitchen.
Qualifying Condo Hotel Mortgage Refinance Loans
Condotel Unit Owners interested in condo hotel mortgage refinance loans in California please contact us 1-800-900-8569 or email us at firstname.lastname@example.org.