New Condotel Loan Updates Increases LTV To 75% From 70% LTV
A Condotel is a condominium unit in a hotel and it is extremely popular in Florida. Many mortgage lenders has ceased in lending on condo hotel units after the real estate and credit collapse of 2008 but condotel loan programs are one of my areas of specialty in the mortgage business. Condotel loan programs are portfolio loan programs that have been booming in the past year. Most condotel buyers and realtors in the United States have been having a hard time finding mortgage lenders who specialize in condo hotel unit financing.
New Condotel Loan Updates For Primary And Second Condotel Units
Our new condotel loan program guidelines is now offering up to a 75% loan to value on primary, second homes, and vacation homes for condotel purchase loans, condotel refinance loans, and condotel cashout refinance loans. Our previous minimum loan to value on purchase, refinance, and cashout refinance condotel loans were set at 70%. This extra increase 5% increase on condotel loans will open up doors to more condotel loan borrowers.
New Condotel Loan Updates On Investment Condotel Units
For condotel loan borrowers who have investment condotels and not second or vacation home condotel units, our previous maximum investment condotel purchase loan and investment refinance/cashout condotel loan program had a maximum cap of 50% loan to value. The great news is that we have increased the loan to value cap to 60% loan to value from 50% loan to value on investment condotel loan programs.
How Do I Qualify For The Condotel Loan Program
There are two phases on our Condotel Loan Approval Process. The first is that the condo hotel project needs to be qualified. There is a one page condotel questionnaire form that needs to be completed by the Condo Hotel Homeowners Association Manager. The purpose for this questionnaire is to make sure that the subject Condo Hotel has no structural issues, building code violations, and is in descent financial shape. If the Condo Hotel project has major structural building code violations or is under bankruptcy, the Condo Hotel unit will not qualify. This condotel questionnaire will get reviewed and approved within 24 hours of submission of the condotel questionnaire form.
New Condotel Loan Updates On Condotel Borrower
The second phase is that the borrower needs to be qualified. This is done by you applying online here at www.gustancho.com and clicking the APPLY NOW icon on the top right of this website. It is the 1003 mortgage application. I will then review your application and run a credit check. Minimum credit scores required is 680 FICO, max 40% debt to income ratios, and reserves for both the borrower’s main residence as well as the subject condotel unit.
Condotel Unit Requirements
The condotel unit needs to have a functional kitchen and at least one bedroom and be at least 500 square feet. Most condotel loan programs range between $100,000 to $3,000,000. Most condotel loans close in less than 30 days from the date we receive the condotel loan borrower’s signed application and required documents such as two years tax returns, recent pay check stub, two months bank statements, and other income/asset documentation.