“Sorry, we don’t finance those properties.”
If you’ve explored purchasing a condotel unit, chances are you’ve heard this frustrating response from traditional lenders. Yet in today’s market, where both property values and rental demand continue to soar, these hybrid condo-hotel properties represent one of the most overlooked investment opportunities available.
Condotels offer a compelling proposition for investors and vacation home buyers alike: properties that can double as income-generating assets while providing the convenience of hotel-style services. Depending on the property, these can include amenities like housekeeping, concierge services, restaurants, pools, and fitness centers. While conventional lenders back away from these unique properties, LendSure Home Loans is stepping in with specialized financing solutions designed specifically for this growing market segment.
WHAT EXACTLY IS A CONDOTEL?
Condotels represent a unique hybrid in the real estate market – part condominium, part hotel. These properties allow individuals to purchase units within a hotel or resort-style building, providing the flexibility to use the space personally or place it in a rental program when not in use.
The dual-purpose nature of condotels makes them particularly attractive for investors and vacation home buyers. When you’re not enjoying your luxurious getaway, your property can generate rental income to help offset ownership costs like mortgage payments, HOA fees, and property taxes.
THE FINANCING CHALLENGE
Despite their growing popularity, securing financing for condotels presents unique challenges compared to traditional residential properties. Many conforming lenders approach these hybrid properties with caution, often requiring:
- Substantially higher down payments
- Increased interest rates
- Extensive documentation
- Rigorous property analyses
WHY INVEST IN A CONDOTEL?
Despite the financing hurdles, condotels offer compelling benefits that make them worth considering:
Income Potential: When not using your vacation property, you can place it in the hotel’s rental program, creating a passive income stream.
Hotel-Style Amenities: Many condotels offer convenient services such as housekeeping, concierge services, and access to on-site facilities that may include restaurants, pools, and fitness centers, depending on the specific property.
Maintenance-Free Ownership: The property management handles day-to-day upkeep, making ownership hassle-free compared to traditional investment properties.
Vacation Ready: Your property remains move-in ready whenever you decide to use it personally.
THE LENDSURE HOME LOANS ADVANTAGE
At LendSure Home Loans, we understand condotels’ unique opportunities for investors and second-home buyers. While traditional lenders may shy away from these properties, we’ve developed specialized financing solutions designed specifically for the condotel market.
We take a common-sense approach to lending, recognizing that behind every application is an individual with unique circumstances and investment goals. We offer:
Flexible Documentation Options: Choose from Full Documentation, Bank Statements, DSCR, Asset Depletion, or Asset Qualifier options to match your financial situation.
Quick Decisions: Fast pre-qualification helps you act with confidence in competitive markets.
Creative Solutions: Even if you’ve been turned down elsewhere, our specialists can often find financing paths others miss.
CONDOTEL LOAN PROGRAM HIGHLIGHTS
Our specialized condotel financing program offers competitive terms designed for today’s market:
- Loan amounts up to $2,000,000
- Minimum credit score: 720
- Loan-to-Value up to 75% for Purchase Loans
- Loan-to-Value up to 70% for Rate & Term Refinances
- Loan-to-Value up to 65% for Cash-Out Refinances
- Available exclusively for investment properties and second homes
FAST AND FLEXIBLE FINANCING
At LendSure Home Loans, we pride ourselves on offering a streamlined approach to condotel financing. Our process is designed to be responsive to your needs, with fast pre-qualification to help you move forward quickly.
We offer various documentation options to accommodate different financial situations:
- Full Documentation
- Bank Statements
- DSCR (Debt Service Coverage Ratio)
- Asset Depletion
- Asset Qualifier
This flexibility allows us to find solutions for investors with complex income situations or those who have experienced turndowns elsewhere.
WHY CHOOSE LENDSURE HOME LOANS FOR YOUR CONDOTEL INVESTMENT
When it comes to financing condotel properties, having the right lending partner makes all the difference. While traditional banks may hesitate, LendSure Home Loans has developed specialized expertise in this market niche.
Our team brings a common-sense approach to lending, recognizing the unique value proposition that condotels represent for investors. We understand that traditional lending guidelines don’t always account for the unique characteristics of condotel properties or the diverse financial profiles of investors.
With our reduced documentation options and flexible qualification criteria, we can often provide solutions for investors who might not fit the rigid requirements of conforming lenders. Our focus remains on the fundamentals that matter – property quality, investment potential, and your ability to manage the investment successfully.
Plus, with our fast pre-qualification process, you won’t miss out on prime investment opportunities due to financing delays.
READY TO EXPLORE CONDOTEL INVESTMENT OPPORTUNITIES?
Whether you’re looking to purchase your first condotel property or add to your existing investment portfolio, LendSure Home Loans has the expertise and financing solutions to help you succeed in this specialized market.
Connect with our team today to discover how our flexible condotel loan programs can help you achieve your investment goals in today’s competitive real estate market.
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.
