Florida Condotel: Condo Hotel Financing Available

Condo Hotel Description
Condo Hotels are a new trend in second home and investment ownership. Buyers can purchase a luxury vacation home at a world class resort and receive rent revenue whenever they are not using their residence, helping to offset the costs of ownership. Financing is typically done with a Portfolio or Private lending Institution.

Property Types
Condos that allow rental desk, daily maid service, &/or restaurant.

Apartment Conversions with Full Size Kitchen over 950 Sq. Ft.

Minimum Kitchen Requirements are enforced: Full Size Refrigerator, Stove/Oven, and Sink; Microwave recommended, but Optional.

Loan Programs

Easy Express 3/3, 5/5, 10/5 or 15 yr Fixed Rate Program

Margin = 2.00

Caps: Lifetime Cap of 6

Index: FNMA Required Net Yield for 30 yr Fixed Rate Loans

Min. Credit Score = 680 for Primary and 2nd Homes; 710 for Investment Property

Or,

Easy Express 3/1 or 5/1 ARM Interest Only Program

Margin = 2.25

Caps: 2/6 (3/1 ARM) or 5/2/5 (5/1 ARM)

Index: 1 Yr Libor

Min. Credit Score = 710 to qualify for Interest Only Program
Underwriting & Program Parameters

FULL DOC with No Prepayment Penalty

VERIFY ALL ASSETS, BOTH LIQUID AND RETIREMENT. Financial Strength is Key in underwriting.

LTV is limited to 60% LTV (55% LTV in declining markets) if any of the following apply:

*Unit is Less than 750 Square Feet

*Unit Doesn’t Contain a Full Kitchen (Full Size Stove/Oven, Refrigerator, & Sink)

*LTV can be raised from 60% up to 100% if the Cross Collateralization Program is utilized with a 1st or 2nd Lien against the Applicant’s Primary Home.

*If Condo Received C.O. 1/1/2007 to present date, Max. LTV = 75%.
Primary & 2nd Homes:

Max. Term = 30 years

100% LTV with Cross Collateralization

80% LTV with NO MI for Credit Scores 710 and higher; 70% LTV for Scores 680 to 709.

All Refinances are Limited to 70% LTV.

***If property is located in FLORIDA or a Resort AREA, take 5% off for declining Markets.***
Investment Property: (Purchase or Rate/Term Refinance Only)
Max. Term = 15 years unless Equity is $50K or more, the term = 20 years.

Max. LTV = 70% or 100% LTV with NO MI with Cross Collateralization of a 1st or 2nd Lien against Borrower’s Primary Home or 2nd Home and Possible Amortization of 30 Years.

New Condo Complexes Require Inspection and a Spreadsheet of the Following:

*Original Contract Date of all Units, Square Footage of all Units, Original Contract Price per Unit, Closing Date or Estimated Closing Date Per Unit.

*40% of Complex must be Closed or Pending to Close Before Our Unit is Closed.

Maximum Complex Penetration is 10%.

That is, we will normally only finance up to 10% of the units.

For More Information on Condo Hotel Financing Please Contact our Mortgage Broker Sponsor

Visit this Condo Hotel’s Single Property Web Site

We have 4 Highest and Best Offer

and 1 Low Unique Bid Real Estate Auction (under $100)

this Month Posted at Marcus Real Estate.com.

Please feel free to call the Broker

at any time for more information