Condotel and Non-Warrantable Condo
Condotel Financing
- Condotel financing 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 a 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 Financing Program is Okay with the Following:
- Daily/Nightly and weekend rentals condotel financing
- High investor concentrating
- And individual or entity owing more than 10% of the units
- Has not 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 Condo 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 for asset depletion.
Foreign National
- Available up to $3,000,000.00
- Work VISA / Expatriate
