After more than a year of trying any kind of financing for condotel deals in Miami and Las Vegas I just stopped doing it, period. Maybe there some boutique lenders that can take care of condotel financing, but overall all of my clients seeking financing for their condotel purchases are still at number zero. Even significant reductions of 70% from the original price do not make condotel market attractive to lenders.
It's funny that some of international buyers especially UK residents who put 20% deposits on condotel deals in Orlando and Miami 2-3 years ago are still dreaming of getting 4% interest rates and no more money for the down payment. I feel sorry for those guys, but there is no way they are getting their condos any time soon.
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