Hotel Condo Loans: a Challenge for Developers, Lenders and Condo Hotel Buyers

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Hotel Condo Loans: a Challenge for Developers, Lenders and Condo Hotel Buyers Vacation Finance offers True Hotel Condo Loans. No minimum square foot or kitchens required. Maximum LTV, interest only loan programs, and solves industry problem (PRWEB) January 3, 2006 -- Vacation Finance, America's First Second-Home Lender launches improved mortgage options for Hotel Condo purchasers in January 2006. "We are one of the first US lenders to offer True Hotel Condo mortgages, we understand hotel condo buyers are not as interested with the square footage of a condo unit, as they are with quality and ammenities the hotel offers," claims Bob Waun, CEO - Vacation Finance "and most of our borrowers don't want to cook on vacation, so they are buying condo hotel units without kitchens. Our loans recognize that these borrowers have great credit, high net worths and do not require kitchens or a minimum square footage." Hotel Condos are a growing trend for second home buyers, and allows whole ownership with optimized rental usage when the owner is not in residence. The Vacation Finance True Hotel Condo Loan features Interest Only payment options, 1,3,5, and 7 year fixed rates, and 30 year terms, no requirement for tax or insurance escrows and lower than market Hotel Condo interest rates. "We are getting a strong initial response from consumers to the new loan program" said Mike McInerney of Vacation Finance. Vacation Finance has been a leading sponsor of industry forums including the IMN Las Vegas and Miami conferences on condo hotel, and RCI Star Resorts Symposium in Chicago. These conferences were attended by developers such as Falor Companies, The Trump Organization, The Kessler Collection, and Floridays. In Febraury, Vacation Finance will sponsor the sold out National Association of REALTORS Second Home & Resort Symposium, which will launch a new designation (RSPS) for REALTORS who specialize in Second Homes. The growth of the Hotel Condo industry will increase as more consumers learn of this option. In addition to condo hotel mortgages, Vacation Finance offers traditional jumbo cottage financing, fractional, timeshare and vacant land financing. Through their partner Accelerated Assets and parent company, Americor Financial Services, Vacation Finance can also offer commercial mezzanine, construction and creative timeshare receivable financing.