Condominium Financing
Non-Warrantable Condo & Condotel Financing
Non-warrantable condo projects funded up to 75% LTV nationwide, full documentation, 12 months PITI at close required, 680 min fico, rates start in the low 5s, 3/1, 5/1, 7/1, 30 and 15 year terms available. No stated income. Foreign Nationals are ok up to 65% LTV higher case by case. You can help us understand more about your needs by contacting us or submitting an Executive Summary or Download Condo Flyer.
Non-Warrantable Condos/Condotels General Guidelines
● Nationwide Lending
● Purchase, R&T and C/O Refinance
● Full Documentation Only
● 680 FICO Minimum
● Fixed 30 & 15; ARM: 3/1, 5/1, 7/1
● 80% LTV to $625K max loan amt
● Loans to 75% to $1.5M, 70% to $2M, 60% to $3M
● Condo-Tel: 70% LTV to $500K max loan amt
● Vacation/Second Home w/ full kitchen only
● Max DTI ratio is 40% w/12 Months PITI Required Liquid. 24 months if >$1M loan amt
● Loan amounts up to $3M, 60% LTV
● Rates starting in the low 5% range
● Foreign National OK!
What is a WARRANTABLE condo?
A condominium project with features that lenders view as favorable in terms of their risk exposure on loans secured by individual condo units.
The requirements of warrantability include such features as the following: the project (including all common areas) is fully completed and the common areas are insured, the Homeowners Association has been controlled by unit owners (as opposed to the developer) for some period, most units are owner-occupied, and no one person owns more than 10% of the units. Loans on units in warrantable condos receive better terms than loans on units in non-warrantable condos.
A NON-WARRANTABLE condo does not meet ANY ONE of these guidelines.
Condotel Financing
Condotel (condo hotel, condo-tel, etc.) projects funded up to 70% LTV nationwide, full documentation, 12 months PITI on all properties owned at close required, 680 min fico, rates start in the low 5s, 3/1, 5/1, 7/1, 30 and 15 year terms available. Condotel must have a full kitchen. No stated income. Foreign Nationals are ok up to 60% LTV higher case by case. Second home,vacation home only...no investment property. You can help us understand more about your needs by contacting us or submitting an Executive Summary or Download Condo Flyer.
What is a Condotel?
A relatively recent concept involving a melding of a resort hotel with condominium ownership. Initially became popular after September 11, 2001, when it became difficult to obtain financing of more than 50 percent of the cost of acquisition or development of a hotel property. To raise the additional necessary capital, developers sold individual units to investors and users, with the promise to rent the units to hotel guests and pay over profits to the individual owners. In recent years the practice has become less common with regular hotels, but remains strong with resort developments. The Securities and Exchange Commission, and several plaintiffs' law firms, have recently taken the position that such relationships involve the sale of securities, thereby requiring registration,disclosure,adherence to strict accounting standards,and many other requirements.
We finance condotel (condo hotel, condo-tel, etc.) nationwide, with full kitchens only!
