We Now Have Condotel Financing!
We are now offering financing on Condotels (Condo Hotels)! Here are some of the guidelines:
- Only on loan amounts over $417k
- No fractional ownership allowed in the project
- Subject unit must not be subject to a mandatory rental pool; it must be for the borrower’s exclusive use and enjoyment
- Project must have no more than 50% investor concentration
- Commercial space limited to 35%
- Minimum square footage of 500 square feet and unit must have a fully functioning kitchen
- Housekeeping, front desk, card key access and daily rentals allowed
- Property must be located in a resort area or metropolitan area with a project associated with luxury high-end hotel brand
- Primary residence and second homes only
- Appraisal must include similar condotel comps
Call or email us with any questions!