Condotel financing in Wisconsin?

5 Replies

Hello,

I've been looking at two condos in the Wisconsin Dells area and im running into the issue where they are in "condotel" complexes. Having a tough time finding lenders that would finance this purchase and if possible with 5% down. 

Any help would be appreciated.

Thanks,

Andrew

You can forget about it when it comes to 5% down. As far as the banks financing a hotel condo, let me know and I'll get you a couple of options.

Delton Grand?

About 5 years ago we financed a condotel (in Sheboygan) through Wisconsin Bank & Trust. If I recall we initially had to put 20% down.

We did just refinance over the summer due to the ARM expiring.

Dustin, in the Blue Harbor area? have your values come back ok?  back in 2010/11 we had some foreclosures listed for the banks, Beach front ones in the $50k's and river side one in the $30k's 

Originally posted by @Dustin Young :

About 5 years ago we financed a condotel (in Sheboygan) through Wisconsin Bank & Trust. If I recall we initially had to put 20% down.

We did just refinance over the summer due to the ARM expiring.

Just to show how crazy that got, a 2 bedroom on Beachfront Ln sold for $380K on 12/22/2005 and then sold REO for $80K on 2/15/2012 same exact unit .


Originally posted by @Dustin Young :

About 5 years ago we financed a condotel (in Sheboygan) through Wisconsin Bank & Trust. If I recall we initially had to put 20% down.

We did just refinance over the summer due to the ARM expiring.

Correct, at Blue Harbor. We bought REO for $104k but it was still assessed at $330k. Assessment is down to $98K. I wish I had bought more, management has really turned the place around and occupancy has increased. We had a cold call letter offer to buy us out but with two small kids we declined.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here