Purchase or refinance a condotel unit at competitive rates
If you’re considering a condominium hotel or condotel, one of the biggest challenges is obtaining financing as it differs from a regular condominium. Requirements are more stringent than a residential mortgage loan and each property has specific financing requirements that need to be met.
Myers Capital Hawaii has the expertise and access to a wide range of lenders that can help you purchase a condotel unit or refinance an existing loan. We work with local lenders that understand how to finance condotels, have loan packages designed for these projects, and offer better interest rates and terms than mainland lenders. In fact, many mainland lenders may be unable to provide financing midway during the escrow process, even though they initially approved the loan.
What is a condotel?
Our condotel loan programs
There are numerous condotel projects throughout Hawaii that are a good choice for borrowers looking for an investment property or second residence. Like loans for second homes, condotels loans have higher rates and down payment requirements than regular mortgages. Our programs have competitive rates and flexible terms that can fit your overall real estate goals.
- Purchase or Refinance
- Fixed and Adjustable-rate Mortgages
- 70% loan to value ratio
- Owner-occupant, second home or investor financing
- No owner-occupancy, full kitchen or parking requirements
- Hotel pool and short-term rentals allowed
Contact Us for a No-Obligation Consultation
Whether considering your first condotel or a seasoned real estate investor, our experienced mortgage advisors can help you purchase your next unit or refinance an existing mortgage. Call us at 808-566-6611.