Have you ever heard of a condotel? If not, you’re in for a treat! We offer Condotel loan products for these unique condo units. At MortgageDepot, we are experienced in condotel financing and are here to help you get the condotel financing you are seeking.
What is a Condotel?
A condotel, as the name suggests, is a condominium that also operates like a hotel. It offers the best of both worlds, combining the comforts of a condo with the convenience and amenities of a hotel. These units are typically located in popular tourist destinations, making them an attractive investment opportunity for those looking to generate rental income.
Loan Products for Condotels
At MortgageDepot, we offer specialized loan products tailored to meet the unique needs of condotel buyers. Whether you’re looking to purchase a condotel or cash out on an existing unit, we have the loan programs.
Purchase a Condotel with Ease
With our condotel loan product, you can purchase a condotel with as little as a 15% down payment. That means you can secure 85% financing, making it easier to purchase a condotel. We understand that condotel purchases require a different approach, and our experienced team is here to guide you through the process.
Cashout on Your Condotel
If you already own a condotel and are looking to access its equity, we offer cashout options of up to 80% of the unit’s value. Whether you’re planning to reinvest the funds or use them for other purposes, our cashout options provide you financing you need.
Loan Amounts up to $2.5M
Our condotel loan amounts go as high as $2.5 million, ensuring that we can accommodate a wide range of budgets and preferences.
Interest-Only Payments Available
We also offer interest-only payment options for condotel loans. This can be particularly beneficial for investors looking to maximize their cash flow or those who prefer the flexibility of lower monthly payments. Our team will work closely with you to determine the best payment structure based on your unique financial goals.
Contact us at your earliest conveyance and speak to one of our condotel loan specialists.
Have questions or need help?
Call us now at 800-220-LOAN
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