Good news coming from the fractional financing front this week.
While fractional financing has been constrained due to the recession, Fractional Life reported on Wednesday that Vacation Finance "has launched an expanded initiative to offer more fractional home and condo loans at lower rates, with loan-to-value ratios of up to 80 percent, a five percent improvement on its previous offering." According to the report, the expanded criteria also includes relaxed income and credit qualifications. This news comes on the heels of last week's report that Securities Based Fractional Funding (SBFF) teamed up with Equities First Holdings to provide securities-based financing to domestic and foreign buyers, owners and developers of luxury fractional properties. Both SBFF and Vacation Finance join a handful of lenders who offer specialized loan products to finance the acquisition of fractional ownership properties, such as the luxury vacation residences offered within The Elan Collection.
Here is what Stan Tonkin, vice president of international marketing and sales for The Elan Collection, had to say about the news: "It is important to see viable lending opportunities for fractional interest ownership begin to resurface. We're excited to see lenders provide competitive solutions in this market, and we believe it is an important step for opening the doors to a larger pool of interested fractional buyers."
As always, The Elan Report will keep you abreast of any new fractional financing developments...
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