MortgageDepot offers Condotel Financing services nationwide, including in Washington D.C., with a streamlined process compared to other lenders.
Key Features:
- Loans available up to $5,000,000 with cash out options
- Funding for new projects even without sold units
- Acceptance of studios, kitchenettes, lock-off rooms, and units under 500 square feet
- Loan-to-Value ratios up to 75%
- Consideration of all non-warrantability reasons except structural or construction litigation
- Gifted down payments and reserves allowed, including for investment purposes
- Cash-out refinances with no seasoning and no limit on cash received
- LLC closings available for investment units
- Insurance deficiencies taken into account*
- Approval for individuals with no credit history, expats, and foreign nationals
- Financing available for projects with timeshare units, focusing on non-timeshare units
- Condotels can be classified as primary residences, second homes, or investments
- Compatibility with other Advancial programs, including asset depletion
- Nationwide availability in all 50 states and Washington D.C.
- Pre-approvals for both clients and property complexes
- Expedited closings for urgent cases – ensuring timely loan processing
Contact us for more information about the condotel loan program, we’ll provide you with interest rates and fees as well.
