Condotel Mortgage Financing

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.

Get the Condotel Property / Development Approved

Condotel Development Approval Request

Condotel Mortgage Financing Options:

Max 75% LTV [ 25% down payment ]
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 75% LTV [ 25% down payment ]
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

Leaseholds allowed if remaining term on land lease is 30 years or longer. Leases with 15 years or more remaining allowed for investment properties only

Not allowed:

Structural deficiencies and certain pending litigation
Incomplete construction of the subject phase

Approved/Evaluated Case-by-Case:

Low HOA budget reserves – HOA delinquencies exceeding 15%
Condo Questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and questionnaire must pass underwriter review.
Condotels with <500 square feet allowed at a max 70% LTV
Coinsurance is considered case-by-case if no agreed amount endorsement is available
Condotels with kitchenettes allowed on a case-by-case basis

A Condo unit as a Condotel when units in the complex can be reserved for daily, weekly or short-term rentals.

Currently, the condotel purchase market in South Beach, Panama City, Palm Beach and Miami is trending upward with the economy. Several other Florida cities are in prime season for buying. Take advantage of the market and discuss financing for your Florida condotel with Fidelity Home Group headquartered in Orlando, Florida!

Fidelity Home Group has experienced mortgage experts who are experts in the field of Condotel Financing. We offer top tier technology, competitive interest rates, and a commitment to help you achieve your dream of homeownership. We can be contacted several ways to help answer any questions you may have:

Call us at toll free at 888 259 2257
Text us at 407 955 4575

Get Pre-Approved for a Condotel Mortgage today!

Next Step…Get Approved for a Condotel Mortgage

Florida Condotel Mortgage Financing

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Fidelity Home Group
4700 Millenia Blvd Suite 175, Orlando, FL 32839

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