Condotel
• Maximum 75% LTV
• Leaseholds allowed if remaining term on land lease is 30 years or longer
• Loan size exception needed for loan amounts over $500,000 (no exceptions over $3,000,000)
Not allowed:
– Blackout dates not permitting year-round owner occupancy
– Structural deficiencies and certain pending litigation
– Incomplete construction of the subject phase
– HOA delinquencies exceeding 15% are approved case-by-case
• questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or
“unknown,” and questionnaire must pass underwriter review.
• Must have a full kitchen and at least one separate bedroom. Minimum 500 square feet generally required. Efficiency or studio units are not permitted.
The programs are portfolio arms 3/1, 5/1 & 7/1 tied to the CMT Index. • 2/2/6 caps • 1-year CMT Index • 3.0% Margin • Floor Rate = Note Rate. Rates are in the mid 5% range.
If you have questions contact;
Rachel Lamoreux
Office phone: 916-859-6014