Special New Condo Hotel Unit Mortgage Loans
Condotels used to be extremely popular in the early and mid 2000’s in Florida and other vacation hot spots like California, Hawaii, Texas, Utah, Arizona, Nevada, and Chicago. However, after condo hotel unit mortgage loans came to an abrupt halt by major banks such as JP Morgan Chase, Wells Fargo, Citibank, and Bank of America, Condo Hotel purchases came to an abrupt halt as well. Condotel purchases were just limited for cash Condo Hotel unit buyers since Condo Hotel unit mortgage loans were not available by any lenders. Even portfolio mortgage lenders did not want anything to do with them. For those Condo Hotel unit owners who got financing prior to the 2008 real estate and credit meltdown, they were pretty much stuck with the rates they had and had no refinance option. Condotel mortgage lenders such as Chase, Wells Fargo, Citibank and Bank of America would not refinance their existing Condo Hotel unit mortgage loans even when they had premier bank clients and their clients were never late in paying their Condo Hotel unit mortgage loans. The good news is that we now offer Condo Hotel unit mortgage loans at competitive rates in Illinois and Florida.
Condo Hotel Unit Mortgage Loans For Purchases, And Refinance For Second And Vacation Homes
For those who are seeking purchase and/or refinance Condo Hotel unit mortgage loans, I can offer a 75% loan to value adjustment rate mortgage loans. Currently, I can offer a 3/1 ARM, 5/1 ARM, and 7/1 ARM amortized over 30 years. The index is based on the one year treasuries ( Cost Maturity Treasuries CMT ) with a margin of 3%. The adjustment rate cannot be lower than the starter rate. The Condotel unit needs to be at least 500 square feet and needs to be at least a one bedroom condotel unit with a functional kitchen. The Condo Hotel project needs to be in good financial standing as well as in good condition with no pending major litigation nor building violations.
Minimum Borrowers Qualifications For Condo Hotel Unit Mortgage Loans
Condo Hotel Unit Borrowers need to have a minimum credit score of 680 FICO with no late payments in the past 12 months and no bank overdrafts in the past 12 months. The maximum debt to income ratio requirement is no greater than 40%. However, we can be creative when it comes to qualifying income. We can use our asset depletion program where we can calculate additional income from the borrower’s asset which can include retirement funds, investment accounts, and real estate holdings. If the Condotel unit mortgage loan borrower owns other investment properties, we can use real estate depreciation as additional income. Condo Hotel Unit Mortgage Loans are underwritten within 24 hours of receiving all documents and the sign mortgage application. Most Condo Hotel Unit Mortgage Loans are closed within 21 days of receiving the signed mortgage application and necessary paperwork such as 2 years tax returns, recent pay check stubs, and two months bank statements.