Condotel Financing
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If you want to be in the real estate industry as an investor, you do not have to buy properties, renovate and resell them. Instead, renting can be a great option, especially when you get the chance to invest in properties like condotels and have lenders with condotel financing available. A condotel is a property very similar to a hotel and apartment mixed: you have more services and amenities but still use it as your home or residential space.
Usually, it has more space than regular apartments, you can feel a bit safer, you will not share a single building with many people but rather have another unit or two next to you, and you have amenities like pools, sports areas and fields, and more.
A better comparison would be a resort but you get more than a room when staying in it. Now, they tend to be more expensive than regular apartments, and how the condominium works is a bit different. With this in mind, should you invest in it or purchase one for your own use? Absolutely. The best part about condotels is that you can rent them when you are not using them and charge more for them due to all the amenities and services available, and for reselling, the price goes way up if you invest a bit in renovations.
However, the purchase depends on your funds as always but you can apply for condotel financing that makes it easier for you to work with specific conditions and terms. Just make sure to find a lender in the city or state that can offer this financing in particular since it is not that common. At Commercial Real Estate Loan Pros of Tampa, we are able to open the option for you and to clear a common doubt: the condo will be yours, not ours but we indeed use it as collateral for the loan.
That being said, the terms and conditions compared to regular loans like residential ones benefit you the most according to the property you are acquiring. This means you have more flexibility for repayment, the LTV ratio is based on the type of property and its value, the interest rates are fixed, and you can request additional funds for other expenses after the purchase.
Why condotel financing and not self-investment?
Even if you have the funds and savings to spend in the condotel, you will have problems dealing with the ROI when going for it as a real estate investor. You have more pressure due to how much you invested, especially if you are thinking about selling the property and not renting it. However, when you decide to use our condotel financing, you can be more relaxed since you will not sacrifice other expenses and needs for it and if you rent the property, the payments are usually covered thanks to this.
What happens if you are an owner-occupant? Then, the terms and conditions will be adjusted to this and we will make sure you are comfortable and finally able to finance the condo. At Commercial Real Estate Loan Pros of Tampa, we worry about flexibility and being able to help with even more than just the purchase. Therefore, let us be the lenders and funds you need.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.