Not allowed:
- Structural deficiencies and certain pending litigation
- Incomplete construction of the subject phase
- 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 allowed on a case-by-case basis
A Condotel is a condo project with an on-site check-in desk that allows the units in the complex can be reserved for daily, weekly or short-term rentals.
Currently, the condotel purchase market in South Beach, Panama City, Palm Beach and Miami is trending upward with the economy. Several other Florida cities are in prime season for buying. Take advantage of the market and discuss financing for your Florida 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:
Call or text us at 407-955-4575
Email us at click to email.