Home Buying in Portland>Question Details

Jonathan Cyr, Home Buyer in Selah, WA

Condotel financing in lincoln city?

Asked by Jonathan Cyr, Selah, WA Wed Aug 6, 2014

I am looking for a lender for a Condotel unit. The problem that I have run into with the only lender I have found, is that the building is one leased land, with, what I am told has 26 years left on the lease. I am looking for a 10-15 year term, not a traditional 30 year term. However, they only ARM loans for non-warrantable properties, and they only do 30 year ARM loans. Is there a way to get a loan for the property.

Anticipated purchase price is only $75,000, I will put at least 20% cash down. Obviously, not a huge loan. The building is located in Lincoln City, OR. The market there, still hasn't recovered, so everything is very low priced making this a great opportunity to buy.

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