What is a Condo Hotel Mortgage– Condo-tel?
A condotel financing Florida is a condominium project that is operated as a hotel with a registration desk, cleaning service, and more. The units are individually owned. Unit owners also have the option to place their unit in the hotel’s rental program where it is rented out like any other hotel room.
Most people think of a few basic options when it comes to residential facilities. Single-family homes, apartments, apartment complexes, hotels, and condominiums are a few of the options that come to mind when considering residential properties. However, a number of other, less common options are also available as the combination of a Condo Hotel Financing also known as Condotel financing rates. Given the location and situation, these alternatives can be very handy and provide multiple benefits to the operators, residents, and financiers.
Each unique type of residential property has its own benefits. By combining hotels with condos, a new type of facility can result and provide unique opportunities. The unique nature of these types of endeavors can sometimes make it difficult to acquire financing. This is especially true in larger areas like New York which have a competitive residential property market.
Condo Hotel Units
Condo Hotels provide a unique living arrangement that can be beneficial to individuals of varying income levels. By combining the layout of a condominium hotel definition project with traditional hotel services, the best of both worlds is established as condotel lenders.
Unit owners have the option to place their units in the hotel rental program where it can be rented out like a normal hotel room. Not only does this provide both long-term and short-term housing opportunities, it can also provide a great way for individuals who own units to make extra money at their discretion.
Acquiring financing for such a unique type of establishment can sometimes be difficult. Banks are hesitant about providing funding for these types of endeavors as their uncommon nature provides little data as to how they will fare in competitive markets. Working with established organizations like Starr Mortgage, who have experienced coordinating loans for condotels, can make the process much easier. Contact Us now for more information on condo hotel mortgages.
Need Financing For Condo Hotels? Starr Mortgage Says “Yes”
The main office is in New York. Financing For Condo Hotels Programs are also available in New York, New Jersey, and Florida
Starr Mortgage Company has the resources and connections to aid with Financing For Condo Hotels (CondoTels)
Of all the property types involved in real estate transactions, there are probably none that are least desired by lenders than condo hotels. This is usually because they are the least understood.
Starr Mortgage Company has built a comprehensive program to finance these properties through special connections developed over years of research and study. Some of the conditions for this special funding are:
Financing For Condo Hotels
Maximum 80% LTV
Warrantable or Non-Warrantable
Available for Both Second Homes and Investment Properties
HOA Special Requirements
To Contact Us:
If you are looking for Financing For a non-warrantable condo in Florida, please call us at 845-348-3172 and allow us to research the property. It is likely we can structure something to make the deal work.
Alternatively, you can email [email protected]
ABOUT STARR MORTGAGE COMPANY, INC.
Established in 2004, Starr Mortgage Company, Inc. has quickly become a benchmark in the residential and commercial mortgage industry. Our headquarters is located in Nyack, New York, in the historic Hudson Valley Region, however, our area of influence and expertise goes well beyond Rockland and Westchester Counties. We arrange loans (for all property types) throughout all 5 boroughs of New York City as well as Nassau and Suffolk Counties on Long Island. Our license also extends to both New Jersey and Florida.
Read more about What is a Condotel? Starr Mortgage Wants You to Know?
