Developer Information from Vacation Finance - America's First Second Home Lender

Can Your Lender Answer This?

"Why would a Developer/Hotel owner wish to Condo Hotel a good hotel?"

If a hotel is so good, why sell it off in pieces as a condo hotel? Is the developer trying to dump this property?

These are questions buyers may ask. In many markets, the residential real estate/condo prices have risen above the cost to own a luxury hotel suite. A profit can be gleaned for a good developer and a real estate product can be delivered to the consumer with more services/amenities at nearly the same cost per square foot. It's not magic, just good math.

Commercial loans for retail, hotel, resort land, condo hotel, fractional, timeshare, vacation club and waterparks
Timeshare, Vacation Club and Fractional receivable financings

Ask us about our Commercial Acquistion, Renovation and Construction Financing

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WHY VACATION FINANCE?

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Don't send your buyers home looking for financing. We understand the math from all angles, this knowledge allows us to reinforce your sales teams conversations with your buyers. Condo hotel is a relatively new trend, and your consumer needs to understand what they are purchasing. We believe good long term relationships are built on a foundation of solid knowledge and understanding.

Another situation many sales teams encounter is the "second sale" problem. The buyer is sold while on property, and then goes "home" looking for financing, only to find the local banker doesn't understand condo hotel...

Lastly, most lenders can't spell 'Condo Hotel'. Let's get your project approved! Why wait for a mortgage broker to tell you days before closing, that because your project is less than 600 sq ft, it is not FNMA approved?

You want to control the buyer experience, we want to empower our development partners. We want to help you solve problems before they happen.

Also ask us about our Unique Insurance Programs for Condo Hotel, traditional insurance is NOT enough.

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Commercial Financing

Kevin Stoltz

248.760.4889

ks@vacation-finance.com

Our Blog has more info: SecondHomes411.com

Here's what our current clients are saying about the Vacation Finance approach: Bob, Good talking to you. As I mentioned to you the Hotel-Condo Business needs good financing sources. I found that is was difficult to find suitable unit financing. In the summer of 2004 I bought a unit at the Kalahari in the Wisconsin Dells. The local Wisconsin banks understand the business and are willing to provide ARM loans. I was looking for longer term financing and ran into problems with both GMAC and Bank One. GMAC gave me a pre-approval when construction commenced. Over the next six months, I obtained monthly rate updates from the loan officer. When it came time to finalize the loan application the loan officer had left the company and his replacement said they could not finance the unit because the project was not FNMA Approved. I then went to Bank One and ran into similar problems due to the lack of FNMA project approval.

-- D. Scott French

"Why did we purchase a condo hotel at Cheeca Lodge?
All you need to do is visit Cheeca Lodge and you would know the answer.
I really appreciate when something is done first class, and we felt very comfortable with what we saw and experienced. Our accomodations left nothing to be desired and the service we received in the restaurant and lounge made us feel like we were a special guest of the resort. The overall ambiance of the entire resort leaves little to be desired.
Being in the business, we were familiar with condo hotels .
Do we feel it was a good investment? Yes we do. Did we look at it as strictly as an investment? No! We plan to use our condo for vacations and getaways in the off seasons when the occupancy is low. I am an avid fisherman and I can bring my boat. The on-site spa really made my wife happy and the resort atmosphere of the Cheeca Lodge will make our stay more like a vacation than just a place to stay.
We have been back to Cheeca Lodge 3 times in the past months and it gets better all time."
~ Larry Ieropoli