Property Q&A in Winter Park>Question Details

Mlo21,  in Winter Park, CO

I'm a mortgage broker in Denver, trying to do a refinance on a condo in Snowblze. The lender is telling me that it is a condotel. True or

Asked by Mlo21, Winter Park, CO Tue Dec 21, 2010

False?

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Answers

1
I would guess that the underwriter did a Google search like I just did and saw that Snowblaze has nightly rentals and hotel reviews all over the first page of search results--that would classify this as a condotel. You might have a shot getting this done conventionally if the mortgage is owned by Fannie or Freddie, but you will most likely need to run this through a portfolio lender. I do have one lender that can do condotels and non-warrantables and that is the only option I know of besides some local banks up there. Good luck.
0 votes Thank Flag Link Tue Dec 21, 2010
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