At Bluestar Mortgage, headquartered in Orlando, we specialize in condotel mortgage loan solutions tailored for buyers seeking to invest in Florida’s thriving condotel market. Our team is ready to guide you through every step of the condotel financing process.
A condotel is a unique real estate hybrid that combines the benefits of a hotel and a condominium. Each unit is individually owned but located within a building that offers hotel-style amenities such as on-site check-in desks, housekeeping services, and resort-level maintenance. Owners can use their units as second homes or list them for short-term rental, generating revenue while enjoying vacation-style living.
We offer a variety of condotel financing programs designed to meet the needs of both investors and second-home buyers. Whether you’re purchasing or refinancing, our loan solutions offer flexibility, competitive rates, and favorable terms.
Maximum LTV:
75% for Investment Properties and Second Homes (minimum 25% down)
70% for Refinances
Loan Amounts:
Up to $6 million
Credit Score:
Minimum 720 FICO for Purchase
Minimum 740 FICO for Refinance
Loan Terms:
ARM and 30-Year Fixed options
Loan Types:
Purchase, Rate-Term, and Cash-Out Refinance
Property Requirements:
Unit must have a kitchenette or kitchen
Homeowners Association (HOA) must:
– Not restrict unit access by number of days
– Maintain acceptable reserve funds
– Be free of structural litigation
Non-warrantable condos are eligible
Minimum loan amount:
$200,000
For self-employed borrowers or those with non-traditional income, Bluestar Mortgage offers a flexible Bank Statement Income Option under our condotel financing programs:
Bank Statement Options:
– 12 or 24 months personal (use 100% of deposits)
– 12 or 24 months business (use net income from P&L or deduct a 15% expense factor)
Max LTV:
75% (25% down)
Minimum FICO:
720
Allowed Property Types:
Second homes and investment properties
DTI:
Up to 50% with compensating factors
Loan Types:
Purchase and Rate-Term Refinance
Loan Terms:
ARM and 30-Year Fixed
Minimum Loan:
$200,000
Eligibility:
Non-warrantable condominiums included
To maintain loan eligibility, the following are not allowed:
Case-by-case considerations include:
Condotels are growing in popularity as both a lifestyle and income-producing investment. Owners can offset their mortgage payments through rental income while enjoying the convenience of hotel-like services. With Florida cities experiencing an upward trend in condotel purchases, now is an ideal time to enter the market with a Condotel Mortgage Loan from Bluestar Mortgage.
Ready to invest in a Florida condotel or need expert advice on condotel financing programs? Contact Bluestar Mortgage at 321-400-5545 or click the button below to Schedule a Free Consultation. Our team is standing by to help you determine the right Condotel Mortgage Loan solution for your financial goals.
We guarantee that we will be able to close on or before your set closing date or we will waive all of our lender fees.
