Condo Hotel Financing in Aspen CO and Vail CO

Condo Hotel Financing in Aspen CO and Vail CO

We are announcing the release of condo hotel financing in Aspen and Vail Colorado, available for the first time in several years since the housing crisis took hold.

What is a condo hotel?

A condo hotel is a condo that is located in a complex that allows daily or weekly rentals and has common areas such as a lobby and/or front desk.  This type of property is very common in Aspen and Vail, and it was impossible to find condo hotel financing before this program was released, making selling or buying a condo hotel property very difficult if not impossible.

New Condo Hotel Financing Summary

This program is designed to help fill the needs of customers who need condo hotel financing for projects in Aspen and Vail CO.

Some features of the new condo hotel financing program are:
o  Second Home and Investment Properties allowed, 
o  Purchase and rate/term refinance transactions.
o  35% down payment or equity required. 
o  Condo hotel financing available for loan amounts up to $650,000.
o  3/1, 5/1 and 7/1 LIBOR ARMs available.
o  Minimum credit score of 720.

Condo project must be approved by our Condominium Review Department and meet the following criteria in order to qualify for condo hotel financing:
o  Established projects - Project must be 100% sold and the HOA turned over for 12 months.
o  Established management company - only projects that contract with managing agents with a successful track record of managing condo-hotel properties will be considered. Must submit marketing package for the management company.
o  Minimum 20 units in the project.
o  Minimum unit size of 1000 square feet; smaller units may exist within the development, but will not be eligible for condo hotel financing under this program.
o  Eligible projects may not include any timeshare units or other fractional share ownership structures.
o  No one entity may own more than 10% of the project.
o  Commercial space limited to no more than 20% of the project; all commercial space must be leased.

Ask about your Condo Hotel Financing needs in Aspen or Vail!