Condotel Financing
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As a real estate investor or person trying to acquire a new property, you need to know there exist several types of loans that can finance some options in specific. For condos, condotel financing is the right one to request instead of going for residential real estate loans. To understand why you need to be aware of what a condo or condotel is in the first place.
This type of property is quite similar to an apartment and a hotel together: you have a unit available that is usually the size of a studio apartment—or bigger like regular ones—but it comes along with other amenities like security, pool, picnic areas, and more. Therefore, you will have a space to live in with other benefits that regular homes or even residential buildings do not offer.
But due to all these benefits, the price of the property also increases and you will need more funds to finance its acquisition or any renovation you have in mind. Now, is it simple to find and request condotel financing? Not all the time. It depends a lot on your location and the types of financing and loans lending companies or institutions offer. Therefore, it may not be simple to find a lender with it available.
In Port St. Lucie and all over St. Lucie County, you are more likely to find condotel financing available with private lending companies that are not limited to only a few types of loans. Instead, they do their best to provide more options and loans to allow companies, real estate investors, and people overall, to finance their projects and new acquisitions. Our company Commercial Real Estate Loan Pros of Port St. Lucie is one of the few lenders you can find in the area and our condotel financing is available for anyone who needs it: investors, future owner-occupants, or even companies trying to have new spaces for their employees and maybe other needs.
For condotel financing, we establish very specific requirements that include the usual credit score, financial records, annual revenue, collateral, and basic documentation. As for the terms and conditions we offer, they vary depending on the price of the condo and if your needs include renovating or remodeling the space. However, we usually work with this range:
- Interest rates from 3% to 12%, always fixed after the loan is approved by the lender and accepted by the borrower.
- Longer loan terms.
- Amortization time.
- Flexibility whenever a payment is missed.
- Higher LTV and LVR ratios.
- Special terms for owner-occupants.
Any person and business that has reached out to us to apply for condotel financing have asked us if we are able to provide funds for more than one unit or condo and our answer is that it depends since we need to evaluate the capabilities of the borrower for repayment. However, we can afford to provide more financing. Therefore, let our team at Commercial Real Estate Loan Pros of Port St. Lucie know your ideas and how you want us to help with this next acquisition.
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.