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Condotel Financing
#1
Condotel Financing is back.  A condotel is a condominium unit that is part of a hotel.  Condotel units are individually owned by private folks and investors.  Many large hotel chains like the Westin, Hyatt, Marriott, have a percentage of their units as condotel units.  Condo Hotels are extremely difficult to finance since they are non-warrantable condominium units. Neighborhood Loans now offers condotel financing in Illinois, Florida, California, Washington, Indiana, and Wisconsin an can refer other condotel financing mortgage clients from other states to mortgage consultants who are in need of condotel financing.

Gustan Cho NMLS ID 873293
Gustan Cho Associates
http://www.gustancho.com

 
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#2
To qualify for a Condo Hotel Mortgage Loan, the condotel unit mortgage loan borrower needs 25% down payment, have a 680 FICO credit score, have a debt to income ratio no greater than 40% which includes the primary residence as well as the proposed condo hotel unit new monthly housing payment, have one years reserves for the primary residence as well as all other properties that the condo hotel unit home buyer may have.  Not only does the condo hotel unit mortgage loan borrower need to qualify but the condo hotel unit and the condo hotel complex needs to qualify as well.  The condo hotel unit needs to be at least 500 square feet and have at least one bedroom and a functional full kitchen. Minimum loan size is $100,000 and maximum loan size is $3 million.  The condo hotel project cannot have any outstanding building violations that is major in nature and cannot be in bankruptcy or have a major lawsuit pending.  Neighborhood Loans offers condo hotel unit financing in Illinois, Florida, California, Washington, Indiana, and Wisconsin.

Gustan Cho NMLS 873293
Condotel and Non-Warrantable Condominium Specialist
http://www.gustancho.com
Mortgage Banker and Correspondent Lender
Branch Manager 
USA MORTGAGE 
A Division of DAS ACQUISITION COMPANY NMLS 227262
The Gustan Cho Team at USA MORTGAGE

 
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#3
Attached is a recent article I wrote about the requirements of condo hotel financing and non-warrantable condominium mortgage loans.

http://gustancho.com/condotel-and-non-wa...age-loans/

 
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#4
Here is an older article on condotel financing

http://gustancho.com/condo-hotel-financi...nce-loans/

 
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#5
Condotel Financing is still in demand. The Gustan Cho Team at Nationwide Mortgage and Realty LLC offers condotel financing and non warrantable condo mortgages.
 
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#6
The Gustan Cho Team at USA MORTGAGE is a direct lender with no lender overlays on government and conventional loans and correspondent lenders on non qm loans and bank statements mortgage loans for self employed borrowers. We also offer condotel financing and non warrantable condos financing.

Gustan Cho

 
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