Condotel Loans
Condotels, Condominium-Hotels, and Hotel-Condominiums are projects where the owner owns the individual unit and has a shared interest in the common area, and the project itself has the features of a hotel, including a front desk and reception area.
Living Units can be like condominiums, with full kitchens, or like hotel rooms, with partial or no kitchens and minimal square footage. Some units may have partial kitchens.
Mortgage Loans are available from a limited number of lenders. Loans offered for Purchase and Refinance transactions. Current guidelines are:
10% Down to $650,000
20% Down to $2,000,000
Project Approval is needed for all projects prior to closing loans. This approval consists of review of covenants, home-owner's association documents, budgets, and other pertinent documentation. We handle all details of approval.
Mountain Mortgage Centers specialize in finding the best available financing for condotel transactions. Contact Us for lists of approved projects and review of your specific transaction.
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