Condo Hotel Mortgage Application Processing And Underwriting
This BLOG On Condo Hotel Mortgage Application Processing And Underwriting Was UPDATED And PUBLISHED On July 29th, 2020
Gustan Cho Associates specialize in Condo Hotel mortgage loans and non-warrantable condominium financing.
- 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 GCA Mortgage Group and see what the Condo Hotel Mortgage Application process is required
In this article, we will discuss and cover the Condotel Application Processing And Underwriting.
Condo Hotel Mortgage Application Is 2 Step Process
Our Condotel Application process is fairly simple.
- There is a two-step Condo Hotel Application process with us
- First, we make sure that the Condo Hotel is healthy
- By healthy, our investors want to know that there are 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, the loan officer submits it to underwriting
- 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 fills out the application
- Please be as detailed and accurate as possible
- Once you submitted your Condo Application, the loan officer 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 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 borrower
- Very simple process
2017 Update on Condo Hotel Mortgage Lending Guidelines
This mortgage blog post article on Mortgage Application on condotels was updated on June 24, 2017.