At Florida-Mortgage-Lenders.com we are Florida Condotel mortgage financing experts and can lend on a variety of Florida condo hotel projects throughout Florida. Florida condotel ‘s or condo hotel is one of the fastest growing Florida mortgage investments. Condotel projects are available across many Florida beaches. This hybrid concept of a Florida Condotel is a luxury hotel that sells some of its units as condotel is growing throughout Florida and across the country.
WHAT IS A CONDOTEL?
Florida condotel ‘s are condominium unit’s located within a Florida hotel’s that provide the individual unit owner with all the perks and amenities that a normal Florida hotel offers. When the individual condotel owner is not occupying the unit, it can be rented out by the staff on hand as as regular hotel unit to the hotels guests. This generates rental revenues for the Florida condotel owner to offset the Condotel costs associated with owing a Florida Condotel ownership.
FLORIDA CONDOTEL MORTGAGE PROGRAMS INCLUDE:
• LOAN SIZE: $100,000 to $3 Million
• LOAN TERMS: Amortized from 5 to 30 years
• LOAN TO VALUE: Up to 65%
• FOREIGN NATIONALS: Eligible
• CLOSING: 20-40 days
Most have never heard of a condotel until they saw one for sale. However, there is a good chance you stayed at a Florida condotel the last time your were on a Florida beach vacation. A Florida condotel to make it simple is described as a condominium unit that is located within a Florida hotel or motel. A Condotel provides the individual unit owner with some of all of the perks and amenities that the condotel has to offer while the individual unit owner is not occupying the Condotel, it can be rented out to regular Florida hotel guests providing rental revenue for the condotel owner to offset monthly ownership costs.
FLORIDA CONDOTEL ADVANTAGES
• Florida Condotels offer a very unique investment opportunity as well as a great second Florida home/vacation home destination for you and your family.
• Florida Condotels are headache Free Investment opportunities. Most Florida condotels are attached to hotel projects with a property management team that take care of everything from maintenance to renting your Florida condotel unit.
• Very low monthly cost As, a result of the monthly rental revenue from you condotel unit investors can offset the monthly mortgage costs or may even provide positive cash flow.
• Florida Vacation Destination- Your Florida Condotel unit can be used as a great vacation getaway for you and your family.
• Florida Investment Appreciation- Over the past five years, the huge increase in demand for Florida condotel units have provided them enormous appreciation value. Most industry experts do not see a slow down in demand for Florida condotels’s anytime soon.
ARE ALL FLORIDA CONDOTELS THE SAME?
Florida condo hotel units vary in size, amenities and operating rules are all different case by case. Some are two-bedroom suites with full kitchens while others are simple Florida condotel rooms with a micro-fridge and microwave. Prices range from $100,000 to $3,000,000 per Florida condotel unit.