Who provides condotel financing in Florida?

Asked by Shady, Placida, FL Sat Jun 26, 2010

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Mark LeMenager’s answer
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Sat Jun 26, 2010
If you need finance to buy a condotel unit, then you should probably not be buying a condotel unit. I sold several recently and there's no one out there doing mortgages on them. You could probably find a hard money lender willing to do it for 18% interest.
1 vote
Abby Walters, , 08055
Sun Jul 16, 2017
We can do it.... I know it's an old post
0 votes
we need a contel mortgage within a month
Flag Thu Aug 17, 2017
I just saw this and am interested
Flag Thu Aug 17, 2017
ingodwetrust…, Home Buyer, Ellenton, FL
Tue Jan 21, 2014
Gus works magic! Seriously, if you're looking for someone that knows the business like he does, you won't be disappointed. He is very knowledgeable in his field. He goes above and beyond. He tells it like it is! We had been through so many lenders, but it was not until we meet Gus via phone that things did a 190. A friend told me to contact Gustan Cho
They told me if anyone could get the deal done, he could. We were was skeptical, but called him anyway. When you speak with Gus, you walk away knowing you're in good hands. This man is amazing! We gave him all our information and he went to work. A short time later he called, and needless to say we didn't expect what we heard on his end of the phone, we expected to hear the same old thing, no deal. When he told us we had a deal put together and we could get the new house, we were happy beyond belief. Not only did he get the deal done, but every time we called him, he either answered the phone or got right back to one of us back a short time later. We have so much respect for this man because of the way he treats his clients, his knowledge of the industry, and his relentless pursuit! Gus, you've become our friend. Thank you for all your help through this long and trying journey. If you need help, contact Gustan Cho.
0 votes
Wow, what a blatant ad with no substance. the question was about financing a condo-hotel, not about good mortgage brokers
Flag Fri Jul 31, 2015
Igord, Home Buyer, Daytona Beach, FL
Fri Jan 25, 2013
Gustan Cho is a true professional mortgage banker. My realtor, Jesus Rodriguez introduced me to Gustan Cho, a mortgage banker. I had a foreclosure, collections, charge offs, and pretty bad credit. When I met Gustan Cho, Gustan Cho told me to apply online at his website, GustanCho.com. I did what he asked me to do and filled out my mortgage application. My credit scores were in the low 500s. Mr. Gustan Cho told me that he will help me repair my credit and get me a home loan. Nine months later, I am in my new home. Thank you Gustan Cho. I will tell everyone I know about Gustan Cho. Gustan Cho went beyond the call of duty and got me, my wife Karen, and my children our dream home.

Michael MacKinnon,
Hollywood, Florida
Broward County, Florida
0 votes
jim, Home Buyer, Placida, FL
Wed Jan 23, 2013
had a previous foreclosure and collections on my credit report and my credit scores were in the low 500's. I had a hard time qualifying for a rental because the property managers run your credit. Additional deposit was not an option and I just got flat out rejected. My real estate agent, Mike Wheeler from Aventura, Florida referred me to Gustan Cho. Gustan Cho is a Florida mortgage broker who has several offices throughout the state of Florida as well as other states. I contacted Mr. Gustan Cho per my realtor friend's advise since my realtor friend told me that Gustan Cho was a mortgage magician and can do wonders. Mr. Gustan Cho was very professional and told me to apply online on his website, GustanCho.com. I told him that me applying at GustanCho.com might be a waste of time but he told me he will not waste my time and if I am serious about being a homeowner to apply online. I did exactly what Gustan Cho told me to do and filled out the mortgage application. Gustan Cho then called me and told me my credit scores were 508, 480, and 545. He told me he can help me get a mortgage but might take some time. Gustan Cho also told me he can fix my credit as well. Long story short, a little over a year later my credit scores are in the low 600's and I just closed on my new house last week in North Miami, Florida. I strongly recommend to those with previous credit issues to contact Gustan Cho or a mortgage broker like Gustan Cho who will work with you long term and answer all of your questions and always returns your calls. I do not have his number handy but you can just Google GustanCho.com for his contact information.

J. Williams,
North Miami, Florida
0 votes
masondag07, Home Buyer, Placida, FL
Wed Jan 23, 2013
I was surfing credit repair websites and ran into this site with Gustan Cho's article. My realtor introduced me to Gustan Cho over a year ago. My realtor, Jim Davis, told me that if I had credit problems, Gustan Cho can get me approved for a home mortgage. I had prior judgments, foreclosures, collections, and charge offs. I did not file bankruptcy. I called Gustan Cho and told him my situation. Gustan Cho told me to be totally honest with him if he wants my help. I was. Gustan Cho told me to apply online on his website, http://www.gustancho.com and did what I was told. Gustan Cho then told me that he could get me a mortgage but I needed to do several things in regards of my credit. Long story shot, Gustan Cho helped me and my wife Patty get our home with a FHA loan in about a year. Gustan Cho helped erase and repair our bad credit. I never doubted Gustan Cho. I highly recommend Gustan Cho for not just for mortgages, but for credit repair too. Gustan Cho does not charge for credit repair.

Charles M.
Hillsborough County, Florida
Tampa
0 votes
Gustan Cho, Mortgage Broker Or Lender, Lombard, IL
Mon Jan 7, 2013
Getting a mortgage on a condotel is extremely difficult. I tried everywhere. My lender of my condo hotel was Chase. My interest rate was 8.25%. I asked them if they can refinance my loan and they would not. They no longer refinance condo hotel. I finanlly found a mortgage banker, Gustan Cho, and he got me a 4.25% rate. You should check Gustan Cho out at http://www.gustancho.com or you can check with your local banks that you have a strong relationship with. I tried but to no avail. Gustan Cho (GustanCho.com) does a lot of condotel loans so you can try him. I referred another friend who owns a condotel in California to Gustan Cho but he was not licensed in California. So Mr. Cho referred one of his associated to my friend and she ended up closing on her condotel as well too. Wish you the best and I know what you are going through. Getting a mortgage on a condotel was next to impossible.

Chris B.
Tampa, Florida
0 votes
Love The Bea…, Home Buyer, Atlanta, GA
Wed Jun 22, 2011
Vision Bank...They are a small community bank I believe...
They are one of the few Banks that provide financing for condotel's in Florida, our rep's name is Becky Bisford, she is great! Very personable and easy to work with her number is:

850-238-9173

A customer in Atlanta, Ga
0 votes
Love The Bea…, Home Buyer, Atlanta, GA
Wed Jun 22, 2011
Vision Bank...They are a small community bank I believe...
They are one of the few Banks that provide financing for condotel's in Florida, our rep's name is Becky Bisford, she is great! Very personable and easy to work with her number is:

850-238-9173

A customer in Atlanta, Ga
0 votes
Jim Pendleton…, , New York
Fri Jan 7, 2011
Yes, we do condotel financing nationwide. go to http://www.condotel-financing.com and you can see what we offer. Also, http://www.mrcondotel.com is another site with good information. The last place I would recommend is http://www.condotelfinancing.net if you need up to date information.

Condotel financing is very difficult, but can be done for the right situation. Full documentation and 12 months in reserves for all mortgages is required, thats after the 25% DOWN PAYMENT and closing costs have been paid.

Hope this was helpful.

I am a direct lender and we can finance homes anywhere in the USA. We fund with our own portfolio and with all the major lenders, both Feddie Mac, FNMA loans . We do FHA VA, USDA and conventional loans as well as construction loans, commercial loans, stated income, Jumbo loans, condo and co-op loans. condotel financing. NonWarrantable condo units.
We have great rates and terms to meet your needs.
Please feel free to call or write me.

Thanks,
Jim Pendleton
Mr. MortgageTM direct lender -All 50 States
631-451-7400
631-963-9626 FAX
631-834-5427 cell
0 votes
So i'm financing 95K, not enough to do business then?
Flag Wed Aug 17, 2016
Jim Pendleton…, , New York
Mon Dec 13, 2010
They are very hard to do, but I do have Condo tel Financing still available, Up to 75% nationwide.
Thanks,

Jim Pendleton
Mr. Mortgage TM direct lender -All 50 States
631-451-7400
631-963-9626 FAX
631-834-5427 cell
0 votes
Jim Pendleton…, , New York
Wed Jul 21, 2010
Yes, we do. Condotel financing is limited. Full income good credit, 25% down payment from $150,000 to 3.5 million. You must have a kitchen and separate bed room, and 600 Sqare foot minimium living area.
You also have to have reserves of 12 months payments for all mortgages (including new one) left over after closing the loan up to $1 million, over 1 million 24 monthe reserves.
.
We are a direct lender covering all 50 States. We also fund non-warrantable condo units.

Jim Pendleton – Mr Mortgage , (google me) having been blogging and answering hundreds of questions, as well as helping thousands of clients like you. Jim Pendleton is a person of personal integrity and someone you can trust. Being an affiliated with a Federal Chartered Bank, operating in all 50 states, doing FHA, VA USDA, construction loans, residential and commercial lending. We cover all scenarios and can help you accomplish your goals and desires.
0 votes
Maggie Hawk, Agent, New Smyrna Beach, FL
Sat Jun 26, 2010
This is not my first choice for an investment property, due to both financing and resale issues.

We have a few condo-hotels here on the ocean. From time to time, I meet a Buyer who wants to purchase a condo-hotel so he/she can use it as a (relatively) inexpensive beach getaway. Conceivably, a person could do this. For example, someone living in the Orlando area could buy a condo-hotel and stay in it most weekends. (Most of the association documents I've seen allow owners to occupy the unit for a total of 120 days per year.

However, since the primary reason for owning a condo-hotel unit is to rent it, staying in it yourself defeats the purpose. Also, you still have to pay your share of property taxes and maintenance.

Long story short, these units are not profitable. I know it sounds glamorous to own oceanfront property, but if you're looking for rental income, it's hard to beat a well-priced 3-bedroom, 2-bath home with garage in an area with a steady demand for rentals.

All the best,
Maggie Hawk, REALTOR
(386) 314-1149
Watson Realty Corp.
0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Sat Jun 26, 2010
Shady:

I just did a quick "Condotel Financing" search on Google and found several companies.

These are the first 3:
http://www.condotelfinancing.com
http://www.nva-mortgage.com/condotel_financing.htm
http://www.alpinebanker.com/condohotelfinancing.html

In my opinion condotels are not the best investment, and they should only be purchased by people who have enough money to play with, who will not be greatly affected by having to take a lost at resale time, and who will likely be able to supplement the monthly ownership cost....since they are not warranted to pay for themselves.

Tony Vega
Charles Rutenberg Realty

http://www.SearchKissimmeeHomes.com
0 votes
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