Fractional Ownership News

Mortgages offered for Hawaii fractional homes

Developer Island Fractional Homes has announced that TransPacific Mortgage Group will provide fractional development financing for its new luxury fractional offering in Princeville, Kauai, and will also make available fractional ownership financing for its buyers.

"In today's challenging lending environment, finding a responsive mortgage broker who truly understands the Hawaii fractional real estate market is essential," said Randall Harris, founder of Island Fractional Homes and Harris Fractional Consulting Group. "As a Hawaii-based fractional developer, I am very pleased to be working closely with TransPacific Mortgage Group as a source of financing for both our property acquisition/development and for our fractional buyers."

Harris says he thinks the long-term demand for Hawaiian resort properties will remain strong despite the current economic slowdown. His company is selling 1/6th shares in three-bedroom villas at the Ano Lani development, with prices starting at US$179,000.

"Over the last 25 years, financing resort properties on each of the major Hawaiian Islands has provided us with a very firm understanding of what a second home purchaser really wants in a property," said TransPacific Mortgage Group President and CEO Tom Ritchie. "They want the comforts of home in a resort setting, yet the practicality of maintaining a resort property year-round when utilizing it for only a couple of months is unreasonable."

"Dividing ownership into fractional interests solves that problem and is the reason that we are so committed to it," said Ritchie. "Because fractional owners have the same rights as whole owners, we believe that these interests provide good and marketable security for lenders financing these interests," Ritchie added.

"The intricacies of fractional real estate development, financing, sales and marketing all require specialized knowledge and experience," said Candace Chase, executive vice president and production manager for TransPacific Mortgage. "We're very pleased to be working with Island Fractional Homes, because Randall Harris has proved his knowledge, commitment and care to truly service each buyer. It is vitally important to us to be associated with the best in this new industry and Island Fractional Homes is setting the standard."

www.islandfractionalhomes.com

11/07/10

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