Condohotel Loans are a Challenge these days

Posted by Julie Olsen on Thursday, April 23rd, 2009 at 10:22am.

Getting a loan for a Condohotel is very difficult in this current economic climate.  Not all condos are challenging but Condohotels which are condos with a front desk are a major challenge these days.  I am finding that there are some loans available but that the interest rates are very high and in the range of about 8% to 9%.  I find this really suprises buyers who see some very low interest rates being advertised by banks.   Banks not only look at the buyer but they also look at the type of property that the buyer wants to purchase.  Banks look at condohotels as a high risk property.  

If you are looking to get a good deal on a condo in Park City and plan on getting a loan to purchase a condo, then you really need to consider what type of a condo it is and how that will impact your loan.  A local Park City lender that I work with that can help educate you better is Karen Scott at Crescent Mortgage.  You can contact her at 435-901-1026 

 About Author  A Local Park City Utah Realtor with Equity Real Estate Luxury Group helping buyers find their Park City or Deer Valley dream home. I've lived full time in Park City for over 23 years.  I enjoy showing newcomers all that Park City  has to offer in this wonderful place I call home. 

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