What is a Condotel?
Condotels are condominiums that have been converted into resort or hotel-style living. Owners can have their units rented out while not occupying in order to generate supplemental income. Condotels are most common around the attraction areas of International Drive / Orlando / Kissimmee where these are utilized as second home and investment properties.
Condotel properties are often treated like second homes and are quickly growing in popularity among Florida vacationers looking for time share real estate.
Not allowed:
- Structural deficiencies and certain pending litigation
- Incomplete construction of the subject phase
- Units without a stove top and oven – must have both
- Homeowners Association with $0 reserves
- Homeowners Association limits the number of days the property can be accessed
Approved/Evaluated Case-by-Case:
- Low HOA budget reserves – HOA delinquencies exceeding 15%
- Condo Questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” or “unknown,” and questionnaire must pass underwriter review.
- Condotels with less than 500 square feet allowed at a max 70% LTV
- Condotels with kitchenettes [ including full stove top and oven ] allowed on a case-by-case basis
A Condo unit is classified a Condotel when units in the complex can be reserved for daily, weekly or short-term rentals. A Condotel may also have a rental desk and / or a property manager on site.
Currently, the condotel purchase market in Orlando is trending upward with the economy. Take advantage of the market and discuss financing for your Orlando Condotel with Fidelity Home Group headquartered in Orlando, Florida!
Fidelity Home Group has experienced mortgage experts who are experts in the field of Condotel Financing. We offer top tier technology, competitive interest rates, and a commitment to help you achieve your dream of homeownership. We can be contacted several ways to help answer any questions you may have.