Condotel Financing
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In such diverse times, investors in real estate are becoming interested in diversifying their investments by purchasing different properties. One type of property which is getting huge admiration is a condotel. Condotel financing is therefore quite preferred these days. There are plenty of options and opportunities for real estate investors as there is a competitive market. Read through the below article to get more information about what it is and get some benefits.
What is a Condotel?
It is also known as a condo-hotel which is a type of residential and rental property. In a condotel, the individual units are sold to the individual owner. The units are inside the hotel and contain all the amenities such as a front desk and cleaning staff.
People who buy the condotels can utilize the site to live or visit when they are in the area. They also have the option that they can add their place to a pool of rental units. It simply means that the hotel has the right to lend it to any visitor, just as a traditional hotel. They are common in tourist places where there is high demand for hotel rooms.
Why is condotel financing hard to obtain as compared to other traditional loans?
It is so because condotels are not a popular property to get funding for in the real estate financing industry. The condotels are nonstandard condominiums. Condotel financing can become an issue as traditional lenders follow strict rules and regulations for qualifying home buyers or other investors. Therefore, it may lead to denial of a loan or the inability to find the lender that allows such types of loans for a condo-hotel.
What are the requirements for condotel financing?
Some of the basic requirements are:
- The condotel needs to be 500 square feet with a minimum of one fully developed bedroom and kitchen.
- The minimum loan amount must be 10000$.
- 25% down payment requirements for primary as well as secondary homes
- A 40% down payment is required for borrowers who have two or greater properties and need it as an investment home.
Why choose us?
Commercial Real Estate Loan Pros of Orlando works in an effective and simplified manner to meet the financing demands of our customers. We are a team of highly experienced and knowledgeable workers who make well-structured financing options. We provide resourceful and flexible loan services in a timely manner. Working hard over the years, we have made a fine name and solid reputation in loan consultancy services.
Our main aim is to make all our customers proud and content with the amazing services we provide. We are trusted by our customers all over the region. We have a team of experts who locate and shortlist private lenders based on what requirements you share. This helps us find the best private lenders who not only require less documentation but also offer loans at a decent rate of interest.
Call us right now if you want to get highly sophisticated services in Orange County. We will be delighted to serve you.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.