Answers (7)
- user134226
- Contributions:4
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Hank LaPorte
Hank LaPorte
- Matt Glynn, "user55325583"
- Contributions:1
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- dfors2
- Contributions:175
My FICO is high 700s low 800s and debt to equity is around 19%. You don't get a better client. Banks just don't want any risk whatsoever now. The owner told me the place was a condo and then Wells told me after I paid for the appraisal it was a condo hotel and they would not finance it despite my large down payment. I spoke with a local lender who told me the same and offered 9.5% financing with points. I guess I will just pay the thing off or sell partial ownership to some friends.
Hope the banks are enjoying MY tax dollars because I sure am not.
Hope the banks are enjoying MY tax dollars because I sure am not.
- Barry Dalton, "Barry Dalton"
- Contributions:492
Just as an FYI, even if you find a conforming lender who does not view the property as a condotel, you are still looking at it being treated as an Investment property, not a second home.
Hi again - did they give you any reasons why you didn't qualify for standard 2nd home financing or why rates were so high? I just ran a guesstimated scenario for your situation through my pricing engine and am seeing rates fairly close to your desired rate this morning with no points - again, I was just guessing at your credit scores and debt to income ratios, etc. so there are likely factors I'm not aware of.....but sounds like it would be worth another opinion.
Kelly
Kelly
- dfors2
- Contributions:175
Thanks Kelly,
I did check with a local mortgage lender and was offered 9.5% financing with some points. Owner offered 7.5% with no points and minimal fees. I went with owner. If I could get standard second home financing at 5% or so it would be worth it.
I did check with a local mortgage lender and was offered 9.5% financing with some points. Owner offered 7.5% with no points and minimal fees. I went with owner. If I could get standard second home financing at 5% or so it would be worth it.
Hi - the big banks usually have one set of loans they specialize in - all with "cookie cutter" rules that don't seem to have any flexibility or work in cases with anything unusual. Going through a good Mortgage Broker will give you alot more options with alot more flexibility and I would recommend you checking out that resource.
If it does turn out to be a loan you still can't get to fly with a mortgage broker, then I would check with my hard money resource - her name is Amarena Warnock and I know she was working on a loan for another condo hotel down at the beach recently so may be a wealth of info for you. Her number is 503-422-0413.
Hope that helps.
Condo Hotel financing..any advice
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