Condotel loans are defined as a condominium project that is operated as a hotel with a registration desk, cleaning service and more. Condotel loans allow you to purchase these types of properties. The units are individually owned. The owners of each into also have the option to place their unit in the hotels rental program where it is rented out like any other hotel room.
Think Aspen, Miami, Vail, Las Vegas, or any other vacation destination with a resort, and you most definitely will have the Condotel.
Many lenders shy away from Condotel loans and do not want to take on the inherent risk it carries. This most definitely is a niche type of loan, and you luckily landed on the right page.
For a detailed analysis of your next Condotel purchase or refinance, please fill in some basic information below, and we will get back to you shortly, and get you matched up with the right lender for your needs.