Have you ever ever heard of a condotel? If not, you’re in for a deal with! We provide Condotel mortgage merchandise for these distinctive apartment models. At MortgageDepot, we’re skilled in condotel financing and are right here that will help you get the condotel financing you’re searching for.
What’s a Condotel?
A condotel, because the identify suggests, is a condominium that additionally operates like a lodge. It gives the most effective of each worlds, combining the comforts of a apartment with the comfort and facilities of a lodge. These models are sometimes positioned in fashionable vacationer locations, making them a gorgeous funding alternative for these seeking to generate rental revenue.
Mortgage Merchandise for Condotels
At MortgageDepot, we provide specialised mortgage merchandise tailor-made to satisfy the distinctive wants of condotel patrons. Whether or not you’re seeking to buy a condotel or money out on an current unit, we’ve got the mortgage applications.
Buy a Condotel with Ease
With our condotel mortgage product, you should purchase a condotel with as little as a 15% down fee. Meaning you’ll be able to safe 85% financing, making it simpler to buy a condotel. We perceive that condotel purchases require a unique strategy, and our skilled group is right here to information you thru the method.
Cashout on Your Condotel
For those who already personal a condotel and wish to entry its fairness, we provide cashout choices of as much as 80% of the unit’s worth. Whether or not you’re planning to reinvest the funds or use them for different functions, our cashout choices present you financing you want.
Mortgage Quantities as much as $2.5M
Our condotel mortgage quantities go as excessive as $2.5 million, guaranteeing that we are able to accommodate a variety of budgets and preferences.
Curiosity-Solely Funds Out there
We additionally supply interest-only fee choices for condotel loans. This may be notably helpful for traders seeking to maximize their money movement or those that favor the pliability of decrease month-to-month funds. Our group will work carefully with you to find out the most effective fee construction based mostly in your distinctive monetary targets.
Contact us at your earliest conveyance and communicate to one in every of our condotel mortgage specialists.
