REMN is pleased to announce that condotel properties will be eligible for our Non-QM Access product effect January 12, 2024.

Condotel Details

  • Condominium units located in condotel or hotel-like projects must meet the Access Non-Warrantable Condo requirements
  • Minimum 500 square feet with at least one separate bedroom and a fully functioning kitchen with stove/oven and refrigerator
  • Must be in a resort/metropolitan area or associated with a national hotel chain
  • No fractional ownership permitted (i.e., timeshare)
  • Borrower must have exclusive use of the unit
  • Commercial space limit may be increased to 50% (Parking not included in calculation)
  • Occupancy restrictions or black-out dates not permitting year-round owner occupancy are not permitted
  • Maximum allowable borrower concentration is 20% ownership of the condo project

Eligibility Requirements

  • Maximum Loan Amount $1.5 million
  • Minimum 700 FICO for investment property transactions (all doc types)
  • Ineligible on Asset Qualifier Transactions
  • Max LTV is the more restrictive of the non-warrantable condo requirements or the following
  • Full Doc and Alt Doc (Bank Statement, P&L, 1099)
  • Purchase and Rate/Term Refi: Max 75%
  • Cash-Out: Max 70%
  • Investor Cash Flow / DSCR
  • Purchase and Rate/Term Refi: Max 75%
  • Cash-Out: Max 65%
  • Comparable properties must have 1 comp from within the same project and 1 comp from outside the project

Workflow Details

  • The HOA must complete REMN’s Condotel Questionnaire in addition to the standard Condominium Questionnaire
  • Condotel Project must be reviewed and approved by the investor pre-close

Guidelines have been updated and may be located at

Please contact your Account Executive with any questions.