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Florida Condotel Mortgage :: Condominiums

YES .......... WE FINANCE CONDO HOTELS

 

 

 

Florida Mortgage Corporation offers condo hotel (condotel) or short-term rental property financing to most borrowers including Foreign Nationals. Financing is available for both purchase and refinance.  We are experts in financing all types of condotels, including very small square footage units.

You probably would have never known it, but there is a good chance the last time you stayed in a hotel, you may have actually stayed in someone's condo hotel unit.

A condo hotel is a condominium hotel project that has rental and reservation desks, short-term occupancy, food and telephone services, and daily cleaning services and that is operated as a commercial hotel, even though the complex is owned by a number of people.

It provides the individual unit owner with some or all of the perks and amenities that the particular hotel has to offer. While the individual unit owner is not occupying their unit, it can be rented out to regular hotel guests, thus generating the individual unit owner rental revenue to offset their monthly ownership costs.

The big difference between a hotel and a condo hotel or Condotel is that a hotel typically has one owner, either individual or corporate, but Condotels are sold off unit by unit. Therefore, a 200 room Condotel could have as many as 200 unit owners. A hotel guest will likely never know that the "hotel" they are staying in has many different owners because every room in the rental program will look identical to every other. Whether you are considering the purchase of a Condominium, Co-op or Condotel, or short-term rental property, Florida Mortgage Corporation has a wide variety of Mortgages and Loan packages to fit every budget and need.

Contact Florida Mortgage Corporation today by telephone 727-791-8800 or email, for a free, no hassle, no obligation quote on all your Mortgage needs.

 

ARE CONDOTELS ALL THE SAME?

No, condo Hotel units vary greatly in size, amenities, and operating rules. Some are two-bedroom suites with full kitchens while others are simple economy hotel rooms with a micro fridge/microwave. Prices can range from $ 100,000 to over $1,000,000 per unit.

Many people often confuse time shares with Condotels which are very different property types. When you own a Condo Hotel, you own a piece of real property or real estate. A condo hotel owner has a mortgage and is required to pay real estate taxes just like they do on their own primary residence. Time Shares are more like rental agreements.

The Condo Hotel concept has been around for decades in many countries all over the world, including the U.S., but did not start truly catching on in the U.S. until the late 1990's. Since then, demand for Condo Hotel units has increased dramatically.


WHY HAVE CONDOTELS BECOME SO POPULAR?

 
Condotels offer a very unique "investment" opportunity as well as a great second home/vacation home destination for you and your family.

    Headache Free Investment - Most units are attached to hotel projects with a veteran property management team that take care of everything from maintenance to renting your unit.

    Very low monthly cost - Monthly rental revenue generated from your unit can offset your monthly ownership costs or may even provide you with a positive cash flow.

     Vacation Destination - Your condo hotel unit can be used as a great get away destination for you and your family. On average, most people stay in their units about two weeks a year. The amount of time that individual unit owners are allowed to occupy their units varies from complex to complex. This can range from two weeks a year to 6 months a year depending on the complex and local zoning ordinances. 

 

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