California Condotel Refinance Loan
Do you own a Condo Hotel in California or Florida without a mortgage and want to get a cashout Condotel refinance loan on your California or Florida Condo Hotel but are having trouble getting financing? There are so many Condo Hotel owners in California and Florida who own a Condotel and want to get some cash out by refinancing so they can purchase another Condo Hotel 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 in California and Florida but have stopped their Condotel refinance loan programs..
Even though you have a great banking relationship with your 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.
California and Florida Condo Hotel Mortgage Lender
I specialize in Condo Hotel Financing in California, Florida, Illinois, Indiana, Texas, Wisconsin, and other states. I can do Condo Hotel Purchase Loans, Condotel Refinancing, and Condotel Cashout Refinancing. On this blog, I will cover Condo Hotel cashout refinancing.
Condotel Refinance Loan Programs
For those who own their California or Florida Condo Hotel free and clear (without a Condotel Mortgage), I have two Condotel Cashout Refinance Programs.
The first Condotel Refinance Program is if your current Condotel is an owner occupied Condotel, a second home Condo Hotel, or a vacation home Condo Hotel. If you fall in these three catergories, I can help you with a cashout refinance of your Condo Hotel of up to 75% Loan to Value.
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.
Gustan Cho NMLS 873293