Condohotel Loans are a Challenge these days
Posted by Julie Olsen on Thursday, April 23rd, 2009 at 11:22am.Getting a loan for a Condohotel is very difficult in this current economic climate. Not all condos are challenging but Condohotels which are condos with a front desk are a major challenge these days. I am finding that there are some loans available but that the interest rates are very high and in the range of about 8% to 9%. I find this really suprises buyers who see some very low interest rates being advertised by banks. Banks not only look at the buyer but they also look at the type of property that the buyer wants to purchase. Banks look at condohotels as a high risk property.
If you are looking to get a good deal on a condo in Park City and plan on getting a loan to purchase a condo, then you really need to consider what type of a condo it is and how that will impact your loan. A local Park City lender that I work with that can help educate you better is Karen Scott at Crescent Mortgage. You can contact her at 435-649-2999 or email her at karen@crescentmtg.com.
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