Florida Mortgage Loans | Condo-Hotel/Condotel Financing Explained

Condo Hotels or Condotels are a popular property type in Florida, especially in hot tourist areas like West Palm Beach, Fort Lauderdale, Orlando, Tampa and Miami. With access to beaches, golf and other tourist attractions, Condo Hotel properties are a great way to purchase a vacation home with the benefits of ownership and the conveniences and amenities of a hotel room.

Condo Hotels have recently become more accepted by lenders who are now offering loans with as little as 10% down. Residency in these units is typically taken as either a Second/Vacation Home or an Investment for loan purposes. Foreign Nationals are common investors into these units in Florida as they typically purchase in vacation/resort areas.

A favorite feature of Condo Hotels for their owners is the rental pool and built in management. While not in use, the hotel can rent the units out on a nightly, weekly or monthly rental. The rents will not count towards mortgage qualifications, though.

Lenders often look for specific criteria to be met such as:

• Minimum of 600 square feet
• In proximity to vacation/resort area
• Separate Kitchen Space, Bathroom and Living Area/Bedroom
• Kitchen to be equipped for food preparation
• Voluntary rental pools

Some Examples of some great South Florida Condo Hotels are:

• The Brazilian Court in Palm Beach Florida
• Trump Las Olas Beach Resort - in downtown Fort Lauderdale Florida.
• Trump International Sonesta Beach Resort - in Sunny Isles Beach Florida
• Ocean Sands Resort and Spa - In Pompano Beach Florida
• The Ritz-Carlton Golf Club & Spa - Located in Jupiter Florida

For more information about Condo Hotels in South Florida, follow this link>>