Looking to finance a Florida condo hotel, AKA condotel? CTC Mortgage is an experienced condotel mortgage lender in West Palm Beach, Florida.
What is a condotel?
Condotels are condominiums that have been converted into resort or hotel-style living. Owners can have their units rented out while not occupying in order to generate supplemental income.
Condotel properties are often treated like second homes and are quickly growing in popularity among Florida vacationers looking for time share real estate.
Why work with CTC Mortgage?
CTC offers flexible terms for our borrowers:
- Get a 30 year adjustable-rate condotel mortgage, with fixed rates for 3, 5 or 7 years.
- Make a down payment of as little as 20% for condotel purchases, refinances or cash-outs.
- Pay off your loan as quickly as you like since CTC does not charge pre-payment penalties.
- Qualified foreign national borrowers can also take advantage of our condotel financing program.
Right now the condotel purchase market in South Beach, Panama City, Palm Beach and Miami is on the upswing, and several other Florida locations are in prime season for buying. Take advantage of the market and discuss financing for your Florida condotel with West Palm Beach lender CTC; we’ll work around your needs and budget.
CTC also offers financing for non-warrantable condos. We lend in the entire state of Florida, as well as Georgia and South Carolina. Contact us or get an online mortgage Quick Quote above for more information about our terms and service, and start getting cleared to close.