Condotels
Condotel Mortgage Program
Our condotel financing program is designed for individuals looking to invest in a condotel located in a resort area or affiliated with a national hotel chain. Condotels are unique properties where units are individually owned, but there is a registration desk that offers rental services on a daily, weekly, or monthly basis.
Some key features of our condotel mortgage program include:
- Non-Owner Occupied: This program is specifically for non-owner occupied properties, meaning the borrower does not intend to live in the condotel themselves.
- Maximum Loan Amount: We offer a maximum loan amount of $1.5 million for condotel mortgages.
- Maximum Cash Out: Borrowers can access up to $250,000 in cash-out funds through this program.
- Maximum Cash Out Loan-to-Value (LTV): The maximum cash out LTV ratio is set at 65%, ensuring responsible borrowing.
- Minimum FICO Score: To qualify for this program, borrowers must have a minimum FICO score of 680.
- Reserves: We require borrowers to have a minimum of 6 months’ worth of reserves, providing financial security.
- Minimum Square Footage: The condotel unit must have a minimum square footage of 400 sq. ft., ensuring a comfortable living space.
- Full Kitchen and Separate Bedroom: The condotel unit must have a full kitchen and at least one separate bedroom, meeting the needs of potential renters.
With our condotel mortgage program, investors can take advantage of the unique opportunities offered by condotel ownership. Whether you’re looking to generate rental income or enjoy a vacation home in a resort area, our program provides the financing you need.
Contact us for more information about our condotel mortgage financing.
