Condotel Loans are something to think about if you want to acquire a second home for vacations. The owner of a condotel can enjoy all the benefits of a holiday while also earning money from their investment. SteveKnowsLoan has relationships with lenders who focus on this niche area of lending.
One can well ask, “What is a Condotel?”
To put it simply, a condotel is a hotel that is also a condominium. Like any good resort, it has a front desk, a housekeeping staff, and groundskeepers.
Each unit in a condotel is owned independently. Owners from far away often use them as second houses or vacation retreats. Owners can recoup some of the costs of ownership by renting out their units through the hotel’s rental service when they aren’t using them themselves.
In what ways will a condotel benefit me?
Owning a condotel has many advantages. You should consider a condotel if you want to add a holiday home to your real estate portfolio for the following reasons:
Your rental property should provide you with reliable monthly income.
Property upkeep, cleaning, promotion, and administration will all be handled by an on-site team.
Condotels are commonly found in highly traveled tourist areas, where they can both appeal to and attract tourists themselves.
Condotels are a cost-effective alternative to renting a single-family house while on vacation.
Condotel purchases can be financed through a variety of loan arrangements.
Condotel Funding
Some financial institutions do not have condotel financing options. Many financial institutions are unwilling to take on the additional risk associated with condotel loans. SteveKnowsLoan offers a special service for those of our customers who dream of owning a tropical paradise. The most notable features of our Condotel package are as follows:
- Minimum credit score required to borrow is 680.
- We are willing to work with LTV percentages as high as 65%.
- Up to $1.5 million may be borrowed for the purchase of a condotel.
- Minimum condotel room size is 500 square feet.
- Condotels can be purchased as an investment property.
- Since the Condotel program has no restrictions on the home state, you can take your holiday almost anywhere in the world!
Reach Out to SteveKnowsLoan Right Away!
Condotels are a fantastic method to test the rental market while still enjoying the benefits of owning a second home. Contact us or give us a call if you’re curious about our Condotel Loans Program. Get in touch with us, and we’ll explain everything you need to know about our Condotel service.
Get in touch with one of our lending advisors today.
Call Steven Jackson at 813-616-9411 now!
