Birmingham, MI (PRWEB) June 1, 2006
With nearly 90,000 condo hotel units coming to market in the next few years, Vacation Finance - a mortgage loan innovator releases it's condo hotel loan product to select mortgage brokers in the hottest US second home markets.
"We are excited to be one of the first wholesale lenders to enter this market niche" said Beth Holsbeke, Vice President of Vacation Finance "condo hotel loans have proved elusive for many lenders, this is a unique real estate product, somewhere between a residential condo and a commercial hotel suite."
In fact, most lenders require a minimum of 600 square feet, and kitchen facilities; yet many of the projects being developed have neither. "Existing loan programs will not fund this new innovation in real estate, and many lenders are just realizing these loans do not have a secondary market that will purchase them after closing" claims Bob Waun, CEO of Vacation Finance, who has been funding condo hotel projects for several years.
Vacation Finance, a division of Americor Financial Services, INC. was founded to create a market for unique second home loans; traditional cottage, condo hotel, fractional, and timeshare.