Frequently Asked Questions

Q: What exactly is a "condotel"?

A: A condotel is a condominium project that has rental or registration desks, short-term occupancy, food and telephone service, daily cleaning services and which is operated as a commercial hotel even though the units are individually owned.

Q: What types of mortgages are available for condotels?

A: Condotel financing is still very new and unique and therefore, most single family residential mortgage programs are not available for condotels. We are constantly striving to offer new mortgage products, so please call us at 702.227.1770, 888.248.1770 or click here to find out which mortgage program is best for you.

Q: Are condotels considered commercial or residential properties?

A: The project itself is generally considered a commercial property however, the individual units are typically considered residential properties. This is very important to find out as it may affect the type of financing available. Contact us to help you find out.

Q: If I decide to only rent my unit a few times a year, is it considered investment property?

A: Most lenders will consider your unit an investment property if you have rented out your unit one time within the last six months and/or plan to rent it out in the future.

Q: What is the maximum loan to value on a condotel?

A: Loan to values can vary significantly depending on your intended occupancy and loan amount desired. Other factors such as credit score and verifiable income can make a difference. In any event, up to 100% financing can be obtainable. Contact us at 702.227.1770 or toll-free at 888.248.1770 to learn more.

Q: Can I set up a home equity line of credit on my unit?

A: Yes. Home equity lines of credit (HELOCs) and other forms of traditional second mortgages are allowed under certain conditions.

Q: Are cash out refinances allowed?

A: Yes. Cash out refinances are allowed, however, certain conditions much be met. We would be pleased to provide you with further information.

Q: The developer required me to put down 30% prior to completion. Can I borrow more than the remaining 70% at closing?

A: Yes. Depending upon the mortgage you desire coupled with other variables. It is very possible to borrow more than your remaining 70% at closing.

Q: Should I use the developer's preferred lender if they are offering incentives?

A: We always recommend that you explore several options regarding financing just as you would to compare different properties to buy. Call us for a free consultation and one of our loan officers will be happy to compare all of your financing options.

Q: Do I have to use the condotel's rental company to rent my unit or can I rent it out on my own?

A: There are usually three different scenarios for renting your unit:

1) Use the condotel's rental company.
2) Rent the unit on your own.
3) Use an outside rental company to rent your unit.

It's important to look at all of the options. Call us at 702.227.1770 or 888.248.1770 to help you decide which way makes the most sense for you.

Q: How far in advance before completion should I apply for financing?

A: It's never too early to contact us to review your financing options. The earlier the better, as there may be some advantages to locking in interest rates while your condotel is being built.

Q: How do I know which mortgage program is best for me?

A: Find out more information here.

Q: Does Condotel Capital offer financing for other types of properties besides hi-rise condos and condo-hotels?

A: Yes. We are a full service mortgage brokerage firm, so we can help you with financing on virtually any type of residential property.

Q: In what other states, besides Nevada, is Condotel Capital licensed?

A: Condotel Capital is also licensed in Florida. Please check back often, though, as we are in the process of expanding to other states.

We'd love to hear from you. Just drop us a line!