Condo hotel size information Article
Jim Pendleton - MrCondotel- condotel financing expert.
Are there minimum unit size
When funding comes to be available, they usually need units to be at least 600 sq. ft., as the bigger the unit, the more attractive it is for rental and resale. It is mimium that the majority will need that condo hotel units have at least essential kitchen amenities with a stove or oven at a least. In the past some lenders will overlook minimum size requirements as long as the project is pre-approved and someone else is funding the project.
What documents will I need to get pre-approved?
The basics require the same as a residential loan, the lender will require documentation about your
income and assets and will check your credit ( with a middle FICO score of approximately 680 is
usually required, although we are not sure yet with the new group of lenders changes is scores can be
Here you will find out the size restrictions as related to condotel
financing, as well as what units and amenities are acceptable to condotel financing.
What are the down payment requirements?
The most precise approach to the Condo-hotel purchasers, the minium required to put a lowest of 25% down payment, since MI (mortgage insurance companies) does not insure any condotel units at this time. Most of the term and notwithstanding higher down deposit is usually required on a larger purchase price. Here are some example LTV's, a lender would suggest 80% LTV (loan to value) up to a $300,000 loan; 70% LTV up to a $500,000 loan amount; and 50% LTV up to $1.0 million loan amount as examples.Most of thetime, secondary financing is not allowed.
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