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Updated over 2 years ago on . Most recent reply

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Mike Dawson
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Short-Term & Vacation Rental Discussions

Condotel at 10% APR??

Mike Dawson
Posted

So I was wondering what the reasoning was behind such a high interest rate on condos?  10% is super high.  Anyone have any insight? 

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Jay Hurst
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Quote from @Mike Dawson:

So I was wondering what the reasoning was behind such a high interest rate on condos?  10% is super high.  Anyone have any insight? 

 @Mike Dawson  You mention Condotel if you title, but then call it a condo in the post. If it is a Condotel, they are NOT eligible for conventional financing (which means Fannie/Freddie do NOT allow) and most non-conventional programs do not allow for condotel's either. So, when a property type is risky enough that most available programs will  not lend on it, the rate is going to get high. 

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