Condotel
Condotel
Eligibility Guidelines
- Maximum LTV: Up to 75% loan-to-value (LTV).
- Leaseholds: Allowed if the remaining term on the land lease is 30 years or longer.
- Loan Size:
- Lending up to $3MM
Not Allowed
- Blackout Dates: Year-round owner occupancy is required; blackout dates are prohibited.
- Structural Issues: Properties with structural deficiencies or particular pending litigation are ineligible (contact your AE for non-structural litigation cases).
- Incomplete Construction: Subject phase must be fully constructed.
- HOA Delinquencies: Exceeding 15% are reviewed case-by-case.
Additional Requirements
- Condotel Questionnaire: Must be 100% complete.
- Property Specifications:
- Must include a full kitchen
- Minimum 400 sq. ft. is generally required.
