Unlock Condotel
Investment Potential
Finance your path to profitability in this unique property avenue.
Let us lend
you
our expertise.
Reduced Doc Options
Condotels can be Full Doc, Bank Statements, DSCR, Asset Depletion, and Asset Qualifier.
Fast Funding
Need quick funding? Get pre-qualified in as little as 24 hours!
Commonsense Approach
Even if you’ve experienced past turndowns, our experts can come up with a solution for you.
Program Highlights
Condotel Loans
- Loan amounts up to $3,000,00
- Minimum FICO: 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
- Only available for investment properties and second homes
Have a question?
We have the answers.
What is a Condotel Loan?
A condotel is a hybrid between a condominium and a hotel. It is a building or complex that is typically operated as a hotel but also offers individual units for ownership. Condotels function like hotels, providing services such as housekeeping, concierge, and amenities like swimming pools, restaurants, and fitness centers.
Owners of condotel units can enjoy staying in their unit when they visit, but they also have the option to place their unit in a rental program managed by the hotel operator. This allows them to generate rental income from their unit when they are not using it.
What income documentation is available for LendSure condotel loans?
LendSure offers the following documentation options for condotel loans:
- Full Documentation
- 12- or 24-Months’ Bank Statement
- DSCR Investor Cash Flow
- Asset Depletion/Asset Qualifier
- Foreign National Loans
Can a standard hotel room be considered a condotel?
To be considered a condotel, the unit must have a full-size kitchen, so most hotel rooms will not qualify. The condotel must have a minimum of 600 square feet to be eligible.
Can a condotel loan be used to purchase a primary residency?
What condotels are ineligible for condotel loans?
- Projects that restrict the owner’s ability to occupy the unit
- Projects with mandatory rental pooling agreements that require unit owners to either rent their units or give a management firm control over unit occupancy
- Projects with non-incidental business operations owned or operated by the homeowners’ association (such as a restaurant, spa, health club, etc.)
- Common interest apartments
- Timeshare or segmented ownership projects
- Multi-unit dwelling condos that permit an owner to hold title to more than one dwelling unit, with ownership of all of his or her owned units evidenced by a single deed and financed by a single mortgage
- Units without a full-size kitchen
