Combine the ownership of a condo with the option to rent out units like a traditional hotel.
Condotel Financing
Whether you are looking to invest in a Condotel as a rental or to use it as a vacation home, LoanFlight offers flexible financing options for this unique property.
Description
Program Requirements
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What is a Condotel?
A condotel is a combination of a condominium and a hotel. It's a building where individual units are owned by individuals but managed by a hotel operator.
Owners can use their units or put them in a rental program to generate income when not in use. They also have access to hotel amenities and services.
Requirements
Loan amounts can go up to $1 million.
Minimum FICO score requirement is 700.
Up to 75% loan-to-value (LTV) ratio on purchases.
Up to 65% LTV on rate and term refinances, as well as cash-out refinances.
Short-term market rents are used for debt service coverage ratio (DSCR) calculations.
