Condotel and Non-Warrantable

Condo Hotel

Condotel and Non-Warrantable Condo

Condotel Financing

  • Condotel loan for primary or vacation/2nd home financing is available up to 85% LTV to $3,000,000.00
  • Can be classified as a second home even if rental income is claimed on schedule E. (on case by case basis)
  • Investment financing is available Up to 85% LTV to $3,000,000.00 (borrower doesn’t intend to use the property)
  • Cash out for 2nd home and vacation home up to 70% LTV
  • Cash out for investment up to 70% LTV

Condotel program is okay with the following:

  • Daily/Nightly and weekend rentals
  • High investor concentrating
  • And individual or entity owing more than 10% of the units
  • Hasn’t yet been turned over to an HOA
  • Unit can be the 1st loan in the complex
  • Litigation NOT involving structural defeats to the complex can be reviewed on case by case basis

Non-Warrantable Condos and Co-Op Program

  • Non-Warrantable financing is available Up to 85% LTV to $3,000,000.00 for primary or vacation home.
  • Rental income on a condo can still be classified as a vacation or 2nd home if the borrower periodically uses the property.
  • Financing available Up to 85% LTV to $3,000,000.00 for investment (borrower doesn’t intend to use the property)
  • Cash out for investment, vacation, and 2nd home is available Up to 70% LTV

Non-Warrantable Condo and Co-Op Program is Okay With the Following:

  • High investor concentration
  • Individual or on entity owning more than 10% of units
  • Hasn’t yet been turned over to an HOA
  • The condo is the 1st financed condo loan in complex
  • Litigation NOT involving structural defects to the complex can be reviewed on case by case basis.

Asset Depletion

  • Able to use Retirement Accounts to qualify even if borrower is not of retirement age.

Foreign National

  • Available up to $3,000,000.00
  • Work VISA / Expatriate

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