Dreaming of owning a vacation property that also generates income? Condotel loans make it possible to enjoy your own slice of paradise while letting someone else handle the bookings and guest services. With LendSure Home Loans, financing a condotel is straightforward and flexible, providing you with the opportunity to benefit from premium amenities and rental income—all in one.
What is a Condotel?
A condotel, or condo-hotel, weaves the ownership benefits of a condominium with the convenience and services of a hotel. Located in high-demand tourist destinations, condotels offer private ownership of individual units within a hotel-operated property. Owners can enjoy access to amenities like pools, fitness centers, and concierge services.
Plus, condotel units can be placed in a hotel-managed rental program when not in use, providing a hands-off way to generate rental income and maximize the unit’s value.
Why Invest in a Condotel with LendSure’s Condotel Loans?
LendSure Home Loans’ condotel loans open the door to flexible investment opportunities, offering key advantages that go beyond traditional property ownership. Condotel owners may be able to generate income effortlessly by leveraging hotel-managed rental programs—no need for self-marketing or guest management.
Beyond potential financial returns, owners benefit from access to resort-style amenities that may enhance property value and offer memorable stays. Whether used as a personal getaway or a revenue-generating asset, condotels offer unique flexibility and appeal in today’s real estate market.
Overcoming Condotel Loan Challenges with LendSure’s Condotel Loans
Traditional lenders often shy away from condotel loans due to the unique nature of the property.
However, LendSure Home Loans recognizes the value of these properties, offering common-sense financing solutions that help investors overcome these challenges.
Key Features of LendSure Home Loans’ Condotel Loan Program
LendSure Home Loans’ condotel loans offer the flexibility and fast financing investors need to seize opportunities:
- Pre-Qualified Typically in as Little as 24 Hours: Get pre-qualified quickly, so you can act with confidence on your next investment.
- High Loan Amounts: Finance up to $3,000,000 through our condotel loans.
- Minimum FICO: 720
- Flexible Loan-to-Value (LTV) Ratios:
- Up to 75% for purchase loans
- Up to 70% for rate & term refinances
- Up to 65% for cash-out refinances
- Investment Properties and Second Homes Only: Our condotel loans are available exclusively for investment properties and second homes, making them an ideal solution for investors.
- Reduced Doc Options: This includes Full Doc, Bank Statements, Debt-Service-Cash-Ratio (DSCR), Asset Depletion, and Asset Qualifier.
How to Qualify for Condotel Loans
To qualify for a condotel loan with LendSure Home Loans, properties must meet specific requirements:
- Full Kitchen: The condotel unit must have a fully equipped kitchen.
- Minimum Square Footage: Units must be at least 600 square feet.
What Is Not Eligible for Condotel Loans?
Certain types of projects are not eligible for condotel loans through LendSure Home Loans. Projects that restrict the owner’s ability to occupy the unit are not eligible, as well as those with mandatory rental pooling agreements that require unit owners to either rent their units or give control over occupancy to a management firm.
Projects with non-incidental business operations owned or operated by the homeowners’ association, such as restaurants, spas, or health clubs, do not qualify. Common interest apartments and timeshare or segmented ownership projects are also ineligible, as are multi-unit dwelling condos that allow an owner to hold title to more than one dwelling unit under a single deed financed by a single mortgage. Finally, units that lack a full-size kitchen are excluded from eligibility.
Why Choose LendSure Home Loans?
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers, ratios, and data to consider, but we know that behind every file, there’s an individual with unique circumstances seeking a loan.
We’re redefining the mortgage experience one loan at a time. Thanks to our common-sense approach and dedicated lending team, we often say ‘ yes’ to today’s homeowners and investors.
Ready to explore how LendSure Home Loans’ can help you finance your next property? Contact us today.
LendSure Home Loans is a registered trade name of LendSure Mortgage Corp. NMLS ID# 1326437 (www.nmlsconsumeraccess.org). 12230 World Trade Drive, Suite 250, San Diego, CA 92128. 888.707.7811. All rights reserved. LendSure Mortgage Corp. is authorized to conduct business under the LendSure Home Loans trade name in CA, GA and TX. Loans made or arranged pursuant to a California Financing Law license 60DBO-94956; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. For licensing information, please visit our Licensing Information page. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms, fees and conditions are subject to change without notice. Other restrictions and limitations may apply. Equal Housing Lender.
