Investor · Carlsbad, CA · Member since 2015 · 2 posts · 0 votes
I have Hawaiian condo which is a short term rental and the owner occupancy rate is less than 30%. I have been told that the low owner occupancy rate makes it not possible to get a good interest rate. Does anyone know of a lender who would provide ~3.5% rates for such a situation?
When you are challenged with certain condo related issues that most lenders will not touch. You just need to find a "Fully Delegated bank" that underwrites all of it own files and is a Direct Endorser. That will allow you to get the "unit" or the condo association approved or spot approval so that you can avoid a 'Non-Warrantable Condo" loan situation. The Non-warrantable condo's generally have to go portfolio and carry a higher rate. Again unless you go through a Fully Delegated Bank. Let me know if you have any specific questions.