Condo Hotel Loan

Bluestar Mortgage of Orlando, can help you secure a Condo Hotel Loan. Give us a call at 847-230-4030 to speak with a Condo Hotel loan expert who can assist you in determining if a Construction loan is the right option for you. You can also click on the schedule a free consultation button above.

What is a Condo Hotel Loan?

A condo hotel is a distinct kind of residential and rental property where each unit is usually marketed to an individual proprietor. Condo hotels are condominium units situated inside a building with hotel facilities that comprise management staff such as the front desk and cleaning staff, responsible for cleaning and maintenance of each unit. The units are not just for owners to dwell in, but they can also include their units on a reservation list of rental units. It will be like conventional hotel rooms being rented out to visitors since condotels are becoming popular for tourists who have a strong need for hotel rooms and other properties. In this way, unit owners will not only benefit from using their property when needed but also gain revenues for the space rental.

Condo Hotel as revenue-generating investment

Purchasing a condo hotel is similar to procuring a house because it is usually marketed as homes or second homes with the indulgence of a hotel. Since condo hotels are designed for rental, renting out a unit is simple, efficient, and effortless. A unit owner need not worry about coping with all the complexities that commonly accompany short-term rentals, such as finding and screening visitors, collecting funds, and ensuring the unit is clean. This opportunity will benefit the owner on rental revenues and increase the unit’s value as the prices rise.

Condo Hotel Loan Requirements and Qualifications

  • To be eligible for a condo hotel loan, the borrower needs a minimum credit score of 680 FICO.
  • The borrower must have one year’s funds such as investment accounts, pension funds, or other documented assets for both the main house and the acquired condo hotel.
  • An overall debt-to-income ratio of 40% is needed.
  • If the condo hotel loan borrower is diminutive with earnings, other revenue sources can be utilized. The asset reduction program can be applied to which a proportion of the borrower’s assets can be capitalized for income-qualifying purposes.

Connect with a Bluestar Mortgage Condo Hotel Loan Expert

If you are interested in a condo hotel loan, call us at: 847-230-4030 to speak with a Condo hotel loan expert who can assist you in determining if a condo hotel loan is the right option for you.

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