Financing for Condo Hotels in Squaw, North Tahoe and Truckee is now available, but both buyers and Condo Hotel properties have to meet stricter qualifications than in the past. Properties like the Everline Resort & Spa (formerly the Resort at Squaw Creek, the Village at Palisades Tahoe (formerly Village at Squaw Valley) and the Palisades Tahoe Lodge (formerly Squaw Valley Lodge), are examples of the unique type of properties in our market that many lenders are unwilling to fund. At the start of the economic down turn in 2008 financing for Condo Hotels completely dried up. We have now seen a major change; some lenders will now loan on condominiums in Condo Hotels. Some require that the condominiums have a four burner stove top and a full size refrigerator in the kitchen, others do not have that requirement. Currently there is one lender, RPM Mortgage, that has said they will issue loans on the Everline Resort & Spa condominiums, except Studio units. US Bank, RPM Mortgage and Summit Funding are willing to loan on the Village at Palisades Tahoe and the Palisades Tahoe Lodge.
The three Lenders below can arrange Condo Hotel Financing on most properties throughout the North Tahoe Truckee area that are classified as Condo Hotels.
US Bank
- Matt Redman, Mortgage Loan Officer NMLS# 653015
- 619-318-5081
- Mat.Redman@USBank.com
They have a minimum loan amount requirement of $400,000 and a minimum down payment requirement of 30%. They provide both Fixed Rate and Adjustable Rate loans. Call Matt for more details.
RPM Mortgage.
- Nicole Francis NMLS # 345159
- 6883 North Lake Blvd Suite B Tahoe Vista, Ca 96148
- 800-975-5412 phone
- 844-744-6524 eFax
- nfrancis@rpm-mtg.com
- rpm-mtg.com/nicole.francis
- http://www.yourqc.com/nicolefrancis my reviews
- CA BRE License # 01392387
They provide both Fixed Rate and Adjustable Rate loans and can in some cases require only 20% down payment. Call Nicole for more details.
Summit Funding Inc.
- Dene Atcheson, Senior Loan Officer, NMLS#420520
- Office: (775) 398-6717
- Mobile: (775) 240-5857
- dene.atcheson@summitfunding.net
- www.renotahoehomeloan.com
I personally have clients that have done business with these companies, and have associates that have clients that have also used these companies,with pleasing results. I am providing the information for clients to research on their own. I suggest that you talk with these lenders before making a decision.
For information regarding these lenders, call me at 530-913-6020.
