Condotel Refinance Loan | Gustan Cho FL & IL Mortgage Specialist
Do you own a Condo Hotel unit without a mortgage and want to get a cash-out Condotel refinance loan on Condo Hotel but are having trouble getting financing?
- There are so many Condo Hotel owners in Florida, Illinois, California, Ohio, Virginia, New Jersey, Alabama, Kansas who own a Condotel and want to get cash out by refinancing so they can purchase another Condo Hotel or for other reasons but are having great difficulty in getting a Condotel refinance loan.
- Banks like Bank of America, J.P. Morgan Chase, Wells Fargo, and Citibank used to lend on Condo Hotels but have stopped their Condotel refinance loan programs..
- Even though condotel unit owners have a great banking relationship with their current Condo Hotel Lender, the chances are that they will not want to do a Condotel refinance loan.
- There are thousands of Condo Hotel owners that are currently stuck with their high interest mortgages and have no means of refinancing their Condo Hotels.
- No need to look any further, folks.
Condo Hotel Mortgage Lenders
I specialize in Condo Hotel Financing in many states. Condo Hotel Purchase Loans, Condotel Refinancing, and Condotel Cashout Refinancing are one of our many loan programs we offer. On this blog, I will cover Condo Hotel cash-out refinancing.
Condotel Refinance Loan Programs
For those who own their California or Florida Condo Hotel free and clear (without a Condotel Mortgage), there are two Condotel Cashout Refinance Programs.
- The first Condotel Refinance Program is if the current Condotel is an owner occupied Condotel, a second home Condo Hotel, or a vacation home Condo Hotel.
- If condotel unit owners fall in these three categories, We can help with a cash-out refinance of Condo Hotel of up to 75% Loan to Value.
- Condotel Loans are 30 year adjustable rate mortgages (ARM)
- Condotel units needs to be at least 500 square feet.
- Condominium needs at least one bedroom and have a full kitchen.
Investment Condotel Refinance Loan Program
The second Condotel Refinance Program are for borrowers who own multiple Condo Hotels or other properties and are considered investment Condo Hotel Cashout Refinance Programs.
- For an investment Condo Hotel Cashout Refinance, I can get a Condotel loan borrower up to 60% Loan to Value on a cashout refinance.
- Since Condotel Mortgage Loans are portfolio loans, we can negotiate the refinance terms for strong credit borrowers.
I will cover more specifics on Condotel Financing and Condo Hotel Loan Programs on future blogs. Condotel unit owners needing more information on Condotel Refinance Loan Programs, please contact us at 1-800-900-8569 or email us at firstname.lastname@example.org.