Requirements for Condo Hotel Mortgage Refinance Loans
Many current condotel owners in Illinois and Florida 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 in Illinois and Florida have their high interest condotel mortgage loans with large banks like JP Morgan Chase, Wells Fargo, Citibank, and Bank of America.
Why not get a condo hotel mortgage refinance with a big bank?
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 in Illinois and Florida and get 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 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 refinance loans is 75% loan to value. 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 Illinois have dropped significantly in recent years but is on its way back up. I can offer condotel refinance loans with mortgage rates starting at 4.75% in Illinois and Florida but the minimum loan to value requirements are 75% loan to value.
Loan to Value on Condo Hotel Mortgage Refinance
If you are planning on refinancing your condotel unit mortgage in Illinois or Florida, you need to do some due diligence on how much your condotel unit will appraise out. If you think your condotel unit will appraise at a lower value and your loan to value will be greater than 75% loan to value, you would need to buy down the condotel mortgage loan so it falls at or below the 75% loan to value.
Apply Online now for Condo Hotel Mortgage Refinance Loans
If you are interested in condo hotel mortgage refinance loans in California, Florida or Illinois, please contact some realtors who specialize in condo hotel units and see if you can find comparables so you do not get disappointed and waste your time. I always make my condotel refinance loans clients to make sure they are willing to pay down their current condotel mortgage loan in the event if their condotel unit does not appraise out.
If you have questions on condotel refinance loans or condotel purchase mortgage loans in Illinois or Florida, please contact me at 262-716-8151 or email me at firstname.lastname@example.org or visit us at Gustan Cho Associates at www.gustancho.com .