Two Step Process In Condo Hotel Mortgage Application

This BLOG On Two Step Process In Condo Hotel Mortgage Application Was UPDATED On June 25, 2017

I specialize in Condo Hotel mortgage loans in California, Illinois, Florida.

  • The application process for Condotel Financing is somewhat different than regular residential conventional or FHA mortgage loans. 
  • If a Condotel buyer wants to purchase a Condotel, he would first consult a Condotel mortgage lender like myself and see what the Condo Hotel Mortgage Application process is required.

Condo Hotel Mortgage Application Is 2 Step Process

Our Condo Hotel Mortgage Application process is fairly simple.

  • There is a two step Condo Hotel Mortgage Application process with us. 
  • First, we make sure that the Condo Hotel is healthy. 
  • By healthy, our investors want to know that there is no structural issues with the Condo Hotel and that there is no pending litigation. 
  • Our investors also want to make sure that the Condo Hotel is financially strong and not on the verge of bankruptcy. 
  • This is accomplished by the Condo Hotel Homeowner Association manager completing a one page Condo Hotel Mortgage Application Questionnaire. 
  • Once the Condotel buyer gets me the one page questionnaire, I submit it to underwriting where the underwriter will do some preliminary research on the Condo Hotel, its management, demographics, history, and check if there are any major pending litigation against the Condo Hotel. 
  • Normally we do not have any problems.  The underwriter normally gets back with an approval within 24 hours of getting the Condo Hotel questionnaire.

 Condotel Hotel Mortgage Borrowers

Once we get the Condo Hotel questionnaire approval, the Condotel buyer needs to apply for a formal Condo Hotel Mortgage Application via this website.

  • Just go to www.gustancho.com and click on the Apply Now icon, which is next to Fast Quotes on the top left section of the website. 
  • This is a secured application platform and fill out the application. 
  • Please be as detailed and accurate as possible. 
  • Once you submitted your Condo Hotel Mortgage Application, I will get an alert and contact you so we make sure everything is filled out correctly. 
  • I then submit it to our underwriting department and within 48 hours of submitting the Condo Hotel Mortgage Application, we get an approval. 
  • Normally I know whether the loan will be approved before I submit it. 
  • The credit committee signs off on it and we start underwriting the loan. 
  • We can normally close a Condotel mortgage loan in 21 days from the time I get the signed application from the Condotel mortgage loan borrower. 
  • Very simple process.

2017 Update on Condo Hotel Mortgage Lending Guidelines

This mortgage blog post article on Condo Hotel Mortgage Application was updated on June 24, 2017.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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