For the past five (5) years, mortgage loans in general have been increasingly tougher than prior to the financial meltdown.
Condo hotels mortgage financing were discontinued by all lenders. Why? This is due to the amount of condo’s and hotels with condo’s that have been vacant and the lack of payments to their loans and also the lack of buyers for the glut of inventory. This has been the case nationwide, from Florida, New York, Las Vegas and many other cities.
In the state of Utah, Park City has more condo hotels in Utah than any other city in the state of Utah.
To this day, condo hotels are one of the toughest mortage loans to get financing for in the country right now.
So how are people buying condo hotel units if they are not an all cash buyer?
Ben Gerritsen, a Utah mortgage broker / loan officer has condo hotel loans / financing.
You must use a mortgage lender that specializes in niche products. Many banks and credit unions do not offer these products.
As long as there is NOT a front desk at the condo hotel for nightly rentals of the condo’s, then Ben is able to get financing for a condo hotel in Park City and condo’s in Utah.
Ben can be reached at: 801-747-9176
You can apply for financing of a condo hotel at: www.wedohomeloansforyou.com & click on “Apply online”