What is a Condotel?

Condotels are condominiums that have been converted into resort or hotel-style living. Owners can have their units rented out while not occupying in order to generate supplemental income.

Condotel properties are often treated like second homes and are quickly growing in popularity among Florida vacationers looking for time share real estate.

Condotel Mortgage Financing Options:

• Max 75% LTV
• Second Home and Investment Properties allowed
• Loan amounts up to $6 Million
• Minimum FICO 680
• ARM and 30 Year-Fixed Options available
• Purchase and Rate Term Refinance options available
• Non-warrantable condominiums included
• $175,000 minimum loan amount

Condotel Bank Statement Income Option:

• 12 or 24 Months Personal Bank Statement Available [ use 100% of Deposits ]
• 12 or 24 Months Business Bank Statement Available [ Monthly net income from the P&L OR income after deducting a 15% expense factor (or one that is reasonable for the line of work) from the total usable deposits ]
• Max LTV 65%
• Minimum FICO 660
• Second Home and Investment Properties allowed
• DTI up to 50% with compensating factors
• ARM and 30 Year-Fixed Options available
• Purchase and Rate Term Refinance options available
• Non-warrantable condominiums included
• $200,000 minimum loan amount