Get Condo Hotel Financing

Are you in need of financing for a condo hotel unit you've recently purchased? Or are you considering the purchase of a condo hotel and you'd like to have a better understanding of the financial side? If so, we'll gladly put you in touch with the very best lenders specializing in condo hotels. Premium Condo Hotels has brokered relationships with the most highly reputable mortgage brokers in the condo hotel business. We're more than happy to put you in touch with the right people.

Due to the lending requirements of mortgage brokers, we'll be able to provide you with better assistance if you provide information for the following questions:

1.   Please provide your full name, address, and phone number.
2.   What is the name of the condo hotel?
3.   Where is the property located?
4.   What unit type have you selected (studio, 1 bedroom, 2 bedroom, etc.)?
5.   What is the sale price of the unit?
6.   What is the square footage of the unit?

Upon reviewing your answers, we'll be able to provide you with the financing sources that will best meet your needs.

Contact us at info@premiumcondohotels.com or call 760-920-3982 for immediate help. All of our assistance is at no charge or obligation to you. It is simply a service that we provide pro bono.

Provided below are some additional insights into the lending of condo hotels from one of our preferred lenders, the Erskine Group and Professional Mortgage Partners.

Can a condo hotel be financed?

Yes it can. However, it may not be possible to finance it at the same rate and terms available for conforming residential property. In general, the going rate is .5% to 1% higher than a traditional condominium. This is due to the risk based pricing associated with the property type, until a true secondary market is established.

Why are Condo Hotel units so difficult to finance?

The number of developments coming online has well outpaced the institutional lenders that have a desire to fund condo hotel purchases. These loans are considered "portfolio" in nature, and will in most cases be held and serviced by the lender who originated the loan, or a number of loans will be packaged together and sold to private investors. Since there is a lack of a true secondary market, many lenders do not actively seek to originate condo hotel paper.

It is particularly difficult to finance units less than 600 square feet that may or may not have a kitchen. This primarily affects the conversion market, as most of the units are true hotel rooms, and do not have the room for a kitchenette. The square footage number and kitchen requirement stems from the older "condominium" guidelines set by Fannie Mae, and many lenders have not updated their own guidelines to accurately reflect the unique characteristics of condo hotel properties. As a result, this is very much a niche loan product.

Can a Condo-Hotel be purchased under a corporation or LLC?

Yes it can with some lenders. Some do have restrictions, and the unit can be closed upon to an individual and quitclaimed into the company or LLC name.

Condo Hotel Financing from the Erskine Group

The Erskine Group and Professional Mortgage Partners are one of the top residential lenders in the country. With over 1 BILLION DOLLARS in loan volume funded in 2006, they will certainly have a loan program that can be tailored to your financial needs and goals. Please give Premium Condo Hotels a call if you'd like to be put in touch with the Erskine Group for a no obligation analysis of your current situation.