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Have you ever ever heard of a condotel? If not, you’re in for a deal with! We provide Condotel mortgage merchandise for these distinctive rental models. At MortgageDepot, we’re skilled in condotel financing and are right here that can assist you get the condotel financing you’re looking for.
What’s a Condotel?
A condotel, because the identify suggests, is a condominium that additionally operates like a lodge. It presents the perfect of each worlds, combining the comforts of a rental with the comfort and facilities of a lodge. These models are sometimes positioned in standard vacationer locations, making them a pretty funding alternative for these trying to generate rental revenue.
Mortgage Merchandise for Condotels
At MortgageDepot, we provide specialised mortgage merchandise tailor-made to fulfill the distinctive wants of condotel consumers. Whether or not you’re trying to buy a condotel or money out on an current unit, now we have the mortgage packages.
Buy a Condotel with Ease
With our condotel mortgage product, you should buy a condotel with as little as a 15% down cost. Which means you’ll be able to safe 85% financing, making it simpler to buy a condotel. We perceive that condotel purchases require a distinct strategy, and our skilled group is right here to information you thru the method.
Cashout on Your Condotel
If you happen to already personal a condotel and wish to entry its fairness, we provide cashout choices of as much as 80% of the unit’s worth. Whether or not you’re planning to reinvest the funds or use them for different functions, our cashout choices present you financing you want.
Mortgage Quantities as much as $2.5M
Our condotel mortgage quantities go as excessive as $2.5 million, making certain that we are able to accommodate a variety of budgets and preferences.
Curiosity-Solely Funds Obtainable
We additionally supply interest-only cost choices for condotel loans. This may be significantly helpful for buyers trying to maximize their money stream or those that favor the pliability of decrease month-to-month funds. Our group will work intently with you to find out the perfect cost construction primarily based in your distinctive monetary targets.
Contact us at your earliest conveyance and communicate to certainly one of our condotel mortgage specialists.
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