You don't need a commerical loan to get a condotel mortgage!

A condotel (or condo hotel) is a condo unit which is also part of a hotel (or motel). They vary greatly in size, operating costs, and amenities. When not occupied by the owner, it is rented out to hotel guests, generating revenue for the owner.

A condotel is not a timeshare! A timeshare is essentially a type of rental. A condotel is a piece of property which is bought and sold in the same way as a condo, house or apartment.

Condotels have become very popular, for several reasons. Firstly, the hotel management handle everything from maintenance to rentals - much easier than you having to find tenants for a house. Secondly, the monthly revenue can be used to offset ownership costs (or even result in profit). Thirdly, demand for condotel units has caused prices to increase, and therefore they are attractive as an investment property. On top of all this, they can function as a vacation home, too!

Florida-Bound routinely sell condotel loans. There are many packages available, and generally the interest rate is comparable to that of other investment properties. Get in touch with us for a personalised quote!

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