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Condotels qualify under Full Doc, Bank Statements, DSCR, Asset Depletion, and Asset Qualifier programs
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A condotel is part condominium, part hotel. Owners purchase individual units in properties that function as hotels, offering services like housekeeping and access to amenities such as pools and fitness centers. When not in use, units can be rented out through a hotel management program to generate income.
MFG provides various options, including:
-Full Documentation
-12- or 24-Month Bank Statements
-DSCR Investor Cash Flow
-Asset Depletion/Asset Qualifier
Foreign National Loan Options
No, a unit must feature a full-size kitchen to qualify as a condotel. Additionally, it must have at least 600 square feet, which excludes most standard hotel rooms.
Money Financial Group Condotel loans are only available for second homes and investment properties.
Yes, the following are excluded:
-Projects limiting unit owners' ability to occupy their unit
-Properties with required rental pooling agreements
-HOA-run businesses such as spas or restaurants
-Common interest apartments and timeshare projects
-Multi-unit dwellings with single-title ownership
-Units without full kitchens
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Actual rates and/or terms may vary based on approval criteria, including but not limited to borrower FICO score, previous experience, period of ownership, etc. Lending in some states is restricted.
Money Financial Group Corporation – A division of Kenpco Enterprises Inc
7345 W. Sand Lake Rd., Suite 202
Orlando, FL 32819
P. 689-214-6111 E. apply@moneyfg.com W. moneyfg.com
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