Daytona Beach Club Condo-hotel. Market Snapshot

Virginia - not the nicest property on the market, but getting closer to $0.50 on a dollar, so yes, good value when we get a bit closer.

Financing is not the easiest. We give it to a few mortgage guys. Only a handful of Lenders do condo-hotels, it is a tiny niche. Big names are not the players.

Used to be that we could get a loan with 20% (investment) with 660+ FICO score (30 year straight amortization, no balloons). Last heard that the Lender wants 30% down. There is a private group, they give with 20% (and even 10% if the appraisal comes seriously higher), but they charge interest only at 12% and for one year only. Then 2% to extendfor one year.

Virginia -  I can check with the guys who do condo-hotels. I am not sure it can help yo, as they are local people, something like First Federated of Jacksonville, Magna, but I can be wrong with this assumption. I never paid attention to who they are. We are closing one on Tuesday, and it is financed, and I will see who did the loan and the terms. We usually hook the clients with mortgage people and they work between themselves. My son, who is handling the transaction may know better, but he is showing the homes now, any he would not takes calls.

We were getting financing even for under 7%. It may have all changed. We do quite a number of condo-hotels, but lately these were either cash, or they were getting money form HELOC. Lately we were exclusively selling to Canadians.