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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:

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

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3 Responses to “Florida Mortgage Loans | Condo-Hotel/Condotel Financing Explained”

  1. Colm Dillon Says:
    December 11th, 2007 at 1:27 pm

    I read this article with great interest and would like to make just two observations:

    1. When an investor is considering the Condo Hotel as a holiday home for part of the year they should uinderstand that peak season is their highest earning time from an investment point of view and so they will be reluctant to have a personal holiday at their peak season.

    2. As an investor you do not have the knowledge, ability or right to actually “Run” a Condo Hotel, so that means the most important document to examine before buying the Condo Hotel investment is the “Management Agreement.” After that is the examination of the extent of the experience of the management company and their financial standing.

    Keep up the good articles.

    Colm Dillon

  2. cedcas Says:
    December 11th, 2007 at 2:19 pm

    Two excellent points Colm! I couldn’t have said it any better. Simply put:

    1) Why stay at your property when you can go somewhere much cheaper that the income from your property can pay for?

    2) You gotta make sure there aren’t any of those hidden charges. Nobody likes surprises specially if it will cost them.

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