Leasehold Conversion Process

Okaloosa Island Leaseholders Association

OILA at Work for You

Leaseholder Conversion Process

Originally, land on Okaloosa Island was "leased" from the Okaloosa Island Authority. The lease was for 99 years with an automatic renewal for 99 years. Most lending institutions, either for a primary mortgage or for re-financing an existing mortgage, do not want to lend money on property that is leased. This can cause difficulties to obtain financing when working with a non-local mortgage company.