CondoTel Florida Mortgage Lenders
| Loan Amount up to $5,000,000 | No Reserves Required |
| Purchase Up to 70% LTV | Foreign Nationals Acceptable |
| Cash Out Up to 65% LTV | Investment and Vacation Properties |
No Income Florida Condotel Mortgage
We offer Condotel mortgage options throughout every city and county in Florida. Our specialized Florida Condotel mortgage lenders provide No-Tax-Return condotel loans, qualifying borrowers based on the property’s current rental income for purchase or refinance. Personal income documentation is not required for these condo-tel mortgage loans.
Our most popular program is the Condotel DSCR (Debt Service Coverage Ratio) loan, which utilizes the subject property’s rental schedule to determine qualifying income. The DSCR is calculated as the ratio of a property’s annual net operating income to its annual mortgage debt (including principal and interest). Florida condo mortgage lenders use DSCR to assess how much financing the property’s income can support and to evaluate the income coverage at a specific loan amount.
Whether you’re looking to purchase or refinance a condotel in Florida, our lenders have flexible programs designed to make the process straightforward and accessible, no matter where you are in the state
Condotel Florida Mortgage Lenders Keypoints:
- Credit Score: Minimum FICO score of 600+ may be required for better terms, depending on market conditions. Lower scores require larger downpayments.
- Property Type: Condotel unit must be fee simple or leasehold, with a kitchen or kitchenette.
- HOA Restrictions: The HOA must not limit the days the unit can be accessed or rented.
- Loan-to-Value (LTV) & Down Payment: Florida condo lender expects 25% down (75% LTV) for purchases, or up to 30% equity in the property for max (70% LTV) for cash-out refinances.
- Financial Health: The building must have a healthy reserve fund and no pending structural litigation.
Florida Condotel Mortgage Requirements:
| Condotel Type | • Fixed Rate Terms: 15, 30 years • 5/6 ARM, 7/6 ARM, 10/6 ARM with 30-year term |
| DSCR | • Minimum DSCR >= 1.00 • DSCR = Eligible monthly rents/PITIA (Loans with an interest-only feature may use the ITIA payment). • Reduce qualifying rents by any management fee reflected on the appraisal report |
| Income | • Leased – Use the lower of the estimated market condo rent or the lease agreement. • Vacant Unit(s) – Use 75% of market rents. o Max: 1 vacant unit on 2-3 Unit property: 2 vacancies on 4+ Units o Vacant residential units must be actively marketed for rent, provide screenshot of listing or other documentation o Vacant commercial space not allowed. • Reduce qualifying rents by any management fee reflected on appraisal report. • 2-8 Mixed Use – Income from commercial space must not exceed 49.99% of the total property income |
| Interest Only | • Eligible • 30-year term, qualification based upon the interest-only payment |
| Loan Amounts | • Min: 400,000 • Max: 3,000,000 |
| Cash-In-Hand | • Purchase, Rate/Term, and Cash Out • Non-Arm’s Length Transactions are ineligible |
| Occupancy | • Max: $1,000,000 |
| Eligible Borrower | • Investment |
| Restrictions | • U.S. Citizen • Permanent Resident Alien • Non-Permanent Resident Alien |
| Property Type | Residential 5 – 8 Unit • Mixed-use 2 – 8 Unit: Commercial usage limited to Retail/Office/Restaurant o 2-3 Unit: Max 1 commercial Unit o 4-5 Unit: Max 2 commercial Units o 6-8 Unit: Max 3 commercial Units o Commercial space must not exceed 49.99% of the total building area |
| Acreage | • Property up to 2-acres, not meeting the rural definition, eligible |
| Appraisals | • A full interior inspection with photos is required for all units. • 5-8 Residential o FHLMC 71A, FHLMC 71B, FNMA 1050 or similar short form used to appraise 5+ residential properties, or o Narrative report can be utilized but not required • 2-8 Mixed Use o General Purpose Commercial Forms (i.e., GP Commercial Summary Form available from CoreLogic a la mode), or o Narrative report can be utilized • The following attachments required for 5-8 Residential and 2-8 Mixed Use appraisal reports: o Rent Roll o Income and Expense Statement o Photos of subject including exterior/interior and street scene o Aerial photo o Sketch or floor plan of typical units o Map o Appraiser qualifications • Review Product – A commercial sales and income BPO or second appraisal. |
| Property Condition | • No fair or poor ratings • No environmental issues (Storage or use of hazardous material i.e., Dry Cleaners, Laundromat) • No health or safety issues (As noted by appraiser, i.e., broken windows, stairs) • No excessive deferred maintenance that could become a health or safety issue for tenants • No structural deferred maintenance, (i.e., Foundation, roof, electrical, plumbing) |
| Mixed Use | • Commercial use limited to retail, restaurant, or office space. Residential/Commercial zoning acceptable • Vacant commercial space not allowed |
Condotel – Resort-Hotel Florida Mortgage Lenders
Florida condo-hotel (condo + hotel) investment, Florida Mortgage Lenders
- Investor and Second Homes start at 25% Down = Up to 75% loan-to-value for purchases
- Loan amounts up to $30,000,000
- 30-year fixed options.
- Multiple income documentation options
- Up to 75% loan-to-value for purchases
- Can close in the name of the LLC/Corp of your choice.
- NO minimum square footage with comparables.
Condotel Bank Statement Mortgage Lenders:
- $200K = minimum loan amount
- 12 Months of Business or Personal Bank Statement for income – NO Tax Returns.
- Accountant expense letter or default to a 50% haircut on 12-month average bank statement deposits.
- 25% down payment = Max 75% Loan To Value
- 600 = Minimum FICO
- Second Home and Investment Properties allowed
- DTI up to 50% with compensating factors
- ARM and 30 Year-Fixed Options available
- Purchase and Rate Term Refinance options available
- Non-warrantable condo Florida Mortgage Lenders
What Is a Condotel?
A condotel is a Florida condominium project operated as a hotel, with a registration desk, cleaning service, and more. The condotel units are typically investor-owned. Condotel unit owners also have the option to place their unit in the hotel’s rental program, where it is rented to paying guests like any other condotel room.
Florida’s most popular condo cities?
Miami, Miami Beach, Naples, St. Pete Beach, Anna Maria Island: Fort Myers Beach, Destin, Miami/Miami Beach: Fort Lauderdale: St. Augustine: West Palm Beach, Daytona Beach, Cocoa Beach, Jacksonville Beach: Orlando, Fort Lauderdale, Key West, Naples, Clearwater Beach, Marco Island, and Daytona Beach. Siesta Key/Sarasota: Clearwater Beach:
What is the purpose of a Condotel?
Condotels are typically sold as secondary Florida homes rather than as primary residences rented by the night when not in use. A condotel, or condo-hotel, is a hybrid Florida real estate property structured as a condominium but legally operated as a hotel, with individually owned units within a managed resort. Condotels are popular in prime destinations and tourist hot spots; these Florida condotel units offer luxury, convenience, and resort-style living, with top features such as heated swimming pools, private oceanfront beach access, full-service spas, state-of-the-art fitness centers, and 24/7 concierge services. Condotel owners can use their units as vacation homes and rent them out when absent through the professional on-site management team to generate profits when not in use. Key Features of Condotel Ownership & Management: Units are owned individually, like a condo, but managed by a professional hotel company.Income Potential: When not occupied by the owner, the unit is placed in a rental pool, with revenue often shared between the owner and the management company.Amenities: Residents and guests have access to hotel-style amenities, including gyms, pools, restaurants, and room service.Location: Usually located in high-traffic tourist areas or urban centers.Financing & Fees: Financing can be more challenging than traditional real estate, often requiring higher down payments (\(25\%-40\%\)) and specialized, non-warrantable loans. HOA fees are generally higher because they cover hotel services and maintenance. Usage Restrictions: Owners may be limited to the number of days they can stay in their own unit per year. Condotels differ from timeshares, as owners hold a full deed to the property and can benefit from market appreciation. They are generally considered a “hands-off” investment compared to managing a traditional rental property.
Florida’s most popular condotel (condo-hotel) cities include Miami, Miami Beach, Orlando, Fort Lauderdale, Key West, Naples, Clearwater Beach, Marco Island, and Daytona Beach. Siesta Key/Sarasota: Clearwater Beach:
Naples: St. Pete Beach: Anna Maria Island: Fort Myers Beach: Destin: Miami/Miami Beach: Fort Lauderdale: St. Augustine: West Palm Beach: Daytona Beach: Cocoa Beach: Jacksonville Beach:
Florida Condotl Service Locations:
| Alachua | Alachua County |
| Alford | Jackson County |
| Altamonte Springs | Seminole County |
| Altha | Calhoun County |
| Anna Maria | Manatee County |
| Apalachicola | Frankin County |
| Apopka | Orange County |
| Arcadia | DeSoto County |
| Archer | Alachua County |
| Astatula | Lake County |
| Atlantic Beach | Duval County |
| Atlantis | Palm Beach County |
| Auburndale | Polk County |
| Aventura | Miami-Dade County |
| Avon Park | Highlands County |
| Bal Harbor | Miami-Dade County |
| Baldwin | Duval County |
| Bartow | Polk County |
| Bascom | Jackson County |
| Bay Harbor Islands | Miami-Dade County |
| Bay Lake | Orange County |
| Bell | Gilchrist County |
| Belle Glade | Palm Beach County |
| Belle Isle | Orange County |
| Belleair | Pinellas County |
| Belleair Beach | Pinellas County |
| Belleair Bluffs | Pinellas County |
| Belleair Shore | Pinellas County |
| Belleview | Marion County |
| Beverly Beach | Flagler County |
| Biscayne Park | Miami-Dade County |
| Blountstown | Calhoun County |
| Boca Raton | Palm Beach County |
| Bonifay | Holmes County |
| Bonita Springs | Lee County |
| Bowling Green | Hardee County |
| Boynton Beach | Palm Beach County |
| Bradenton Beach | Manatee County |
| Bradenton | Manatee County |
| Branford | Suwannee County |
| Briny Breezes | Palm Beach County |
| Bristol | Liberty County |
| Bronson | Levy County |
| Brooker | Bradford County |
| Brooksville | Hernando County |
| Bunnell | Flagler County |
| Bushnell | Sumter County |
| Callahan | Nassau County |
| Callaway | Bay County |
| Cambelton | Jackson County |
| Cape Canaveral | Brevard County |
| Cape Coral | Lee County |
| Carrabelle | Frankin County |
| Caryville | Washington County |
| Casselberry | Seminole County |
| Cedar Grove | Bay County |
| Cedar Key | Levy County |
| Center Hill | Sumter County |
| Century | Escambia County |
| Chattahoochee | Gadsden County |
| Chiefland | Levy County |
| Chipley | Washington County |
| Cinco Bayou | Okaloosa County |
| Clearwater | Pinellas County |
| Clermont | Lake County |
| Clewiston | Hendry County |
| Cloud Lake | Palm Beach County |
| Cocoa | Brevard County |
| Cocoa Beach | Brevard County |
| Coconut Creek | Broward County |
| Coleman | Sumter County |
| Cooper City | Broward County |
| Coral Gables | Miami-Dade County |
| Coral Springs | Broward County |
| Cottondale | Jackson County |
| Crawfordville | Wakulla County |
| Crescent City | Putnam County |
| Crestview | Okaloosa County |
| Cross City | Dixie County |
| Crystal River | Citrus County |
| Dade City | Pasco County |
| Dania Beach | Broward County |
| Davenport | Polk County |
| Davie | Broward County |
| Daytona Beach | Volusia County |
| Daytona Beach Shores | Volusia County |
| DeBary | Volusia County |
| Deerfield Beach | Broward County |
| DeFuniak Springs | Walton County |
| DeLand | Volusia County |
| Delray Beach | Palm Beach County |
| Deltona | Volusia County |
| Destin | Okaloosa County |
| Doral | Miami-Dade County |
| Dundee | Polk County |
| Dunedin | Pinellas County |
| Dunnellon | Marion County |
| Eagle Lake | Polk County |
| Eatonville | Orange County |
| Ebro | Washington County |
| Edgewater | Volusia County |
| Edgewood | Orange County |
| El Portal | Miami-Dade County |
| Esto | Holmes County |
| Eustis | Lake County |
| Everglades City | Collier County |
| Fanning Springs | Gilchrist County |
| Fanning Springs | Levy County |
| Fellsmere | Indian River County |
| Fernandina Beach | Nassau County |
| Flagler Beach | Flagler County |
| Florida City | Miami-Dade County |
| Fort Lauderdale | Broward County |
| Fort Meade | Polk County |
| Fort Myers Beach | Lee County |
| Fort Myers | Lee County |
| Fort Pierce | St. Lucie County |
| Fort Walton Beach | Okaloosa County |
| Fort White | Columbia County |
| Freeport | Walton County |
| Frostproof | Polk County |
| Fruitland Park | Lake County |
| Gainesville | Alachua County |
| Glen Ridge | Palm Beach County |
| Glen Saint Mary | Baker County |
| Golden Beach | Miami-Dade County |
| Golf | Palm Beach County |
| Golfview | Palm Beach County |
| Graceville | Jackson County |
| Grand Ridge | Jackson County |
| Green Cove Springs | Clay County |
| Greenacres | Palm Beach County |
| Greensboro | Gadsden County |
| Greenvilee | Madison County |
| Greenwood | Jackson County |
| Gretna | Gadsden County |
| Groveland | Lake County |
| Gulf Breeze | Santa Rosa County |
| Gulf Stream | Palm Beach County |
| Gulfport | Pinellas County |
| Haines City | Polk County |
| Hallandale | Broward County |
| Hampton Beach | Bradford County |
| Hastings | St. Johns County |
| Havana | Gadsden County |
| Haverhill | Palm Beach County |
| Hawthorne | Alachua County |
| Hialeah | Miami-Dade County |
| Hialeah Gardens | Miami-Dade County |
| High Springs | Alachua County |
| Highland Beach | Palm Beach County |
| Highland Park | Polk County |
| Hillcrest Heights | Polk County |
| Hilliard | Nassau County |
| Hillsboro Beach | Broward County |
| Holly Hill | Volusia County |
| Hollywood | Broward County |
| Holmes Beach | Manatee County |
| Homestead | Miami-Dade County |
| Horseshoe Beach | Dixie County |
| Howey-in-the-Hills | Lake County |
| Hupoluxo | Palm Beach County |
| Indialantic | Brevard County |
| Indian Creek | Miami-Dade County |
| Indian Harbour Beach | Brevard County |
| Indian River Shores | Indian River County |
| Indian Rocks Beach | Pinellas County |
| Indian Shores | Pinellas County |
| Inglis | Levy County |
| Interlachen | Putnam County |
| Inverness | Citrus County |
| Islamorada | Monroe County |
| Islandia | Miami-Dade County |
| Jacksonville Beach | Duval County |
| Jacksonville | Duval County |
| Jacob | Jackson County |
| Jasper | Hamilton County |
| Jay | Santa Rosa County |
| Jennings | Hamilton County |
| Juno Beach | Palm Beach County |
| Jupiter | Palm Beach County |
| Jupiter Inlet Colony | Palm Beach County |
| Jupiter Island | Martin County |
| Kenneth City | Pinellas County |
| Key Biscayne | Miami-Dade County |
| Key Colony Beach | Monroe County |
| Key West | Monroe County |
| Keystone Heights | Clay County |
| Kissimmee | Osceola County |
| La Crosse | Alachua County |
| LaBelle | Hendry County |
| Lady Lake | Lake County |
| Lake Alfred | Polk County |
| Lake Buena Vista | Orange County |
| Lake Butler | Union County |
| Lake City | Columbia County |
| Lake Clarke Shores | Palm Beach County |
| Lake Hamilton | Polk County |
| Lake Helen | Volusia County |
| Lake Mary | Seminole County |
| Lake Park | Palm Beach County |
| Lake Placid | Highlands County |
| Lake Wales | Polk County |
| Lake Worth | Palm Beach County |
| Lakeland | Polk County |
| Lantana | Palm Beach County |
| Largo | Pinellas County |
| Lauderdale Lakes | Broward County |
| Lauderdale-by-the-Sea | Broward County |
| Lauderhill | Broward County |
| Laurel Hill | Okaloosa County |
| Lawtey | Bradford County |
| Layton | Monroe County |
| Lazy Lake | Broward County |
| Lee | Madison County |
| Leesburg | Lake County |
| Lighthouse Point | Broward County |
| Live Oak | Suwannee County |
| Longboat Key | Sarasota County |
| Longboat Key | Manatee County |
| Longwood | Seminole County |
| Lynn Haven | Bay County |
| Macclenny | Baker County |
| Madeira Beach | Pinellas County |
| Madison | Madison County |
| Maitland | Orange County |
| Malabar | Brevard County |
| Malone | Jackson County |
| Manalapan | Palm Beach County |
| Mangonia Park | Palm Beach County |
| Marathon | Monroe County |
| Marco Island | Collier County |
| Margate | Broward County |
| Marianna | Jackson County |
| Marineland | St. Johns County |
| Marineland | Flagler County |
| Mary Esther | Okaloosa County |
| Mascotte | Lake County |
| Mayo | Lafayette County |
| McIntosh | Marion County |
| Medley | Miami-Dade County |
| Melbourne | Brevard County |
| Melbourne Beach | Brevard County |
| Melbourne Village | Brevard County |
| Mexico Beach | Bay County |
| Miami Beach | Miami-Dade County |
| Miami Gardens | Miami-Dade County |
| Miami Lakes | Miami-Dade County |
| Miami Shores Village | Miami-Dade County |
| Miami Springs | Miami-Dade County |
| Miami | Miami-Dade County |
| Micanopy | Alachua County |
| Midway | Gadsden County |
| Milton | Santa Rosa County |
| Minneola | Lake County |
| Miramar | Broward County |
| Monticello | Jefferson County |
| Montverde | Lake County |
| Moore Haven | Glades County |
| Mount Dora | Lake County |
| Mulberry | Polk County |
| Naples | Collier County |
| Neptune Beach | Duval County |
| New Port Richey | Pasco County |
| New Smyrna Beach | Volusia County |
| Newberry | Alachua County |
| Niceville | Okaloosa County |
| Noma | Holmes County |
| North Bay Village | Miami-Dade County |
| North Lauderdale | Broward County |
| North Miami | Miami-Dade County |
| North Miami Beach | Miami-Dade County |
| North Palm Beach | Palm Beach County |
| North Port | Sarasota County |
| North Redington Beach | Pinellas County |
| Oak Hill | Volusia County |
| Oakland | Orange County |
| Oakland Park | Broward County |
| Ocala | Marion County |
| Ocean Breeze Park | Martin County |
| Ocean Ridge | Palm Beach County |
| Ocoee | Orange County |
| Okeechobee | Okeechobee County |
| Oldsmar | Pinellas County |
| Opa-locka | Miami-Dade County |
| Orange City | Volusia County |
| Orange Park | Clay County |
| Orchid | Indian River County |
| Orlando | Orange County |
| Ormond Beach | Volusia County |
| Otter Creek | Levy County |
| Oviedo | Seminole County |
| Pahokee | Palm Beach County |
| Palatka | Putnam County |
| Palm Bay | Brevard County |
| Palm Beach | Palm Beach County |
| Palm Beach Shores | Palm Beach County |
| Palm Beach Gardens | Palm Beach County |
| Palm Coast | Flagler County |
| Palm Shores | Brevard County |
| Palm Springs | Palm Beach County |
| Palmetto | Manatee County |
| Palm Harbor | Pinellas County |
| Palmetto Bay | Miami-Dade County |
| Panama City | Bay County |
| Panama City Beach | Bay County |
| Parker | Bay County |
| Parkland | Broward County |
| Paxton | Walton County |
| Pembroke Park | Broward County |
| Pembroke Pines | Broward County |
| Penney Farms | Clay County |
| Pensacola | Escambia County |
| Perry | Taylor County |
| Pierson | Volusia County |
| Pine Crest | Miami-Dade County |
| Pinellas Park | Pinellas County |
| Plant City | Hillsborough County |
| Plantation | Broward County |
| Polk City | Polk County |
| Pomona Park | Putnam County |
| Pompano Beach | Broward County |
| Ponce De Leon | Holmes County |
| Ponce Inlet | Volusia County |
| Port Ornage | Volusia County |
| Port Richey | Pasco County |
| Port St. Lucie | St. Lucie County |
| Port St. Joe | Gulf County |
| Punta Gorda | Charlotte County |
| Quincy | Gadsden County |
| Raiford | Union County |
| Reddick | Marion County |
| Redington Beach | Pinellas County |
| Redington Shores | Pinellas County |
| Riviera Beach | Palm Beach County |
| Rockledge | Brevard County |
| Royal Palm Beach | Palm Beach County |
| Safety Harbor | Pinellas County |
| Saint Leo | Pasco County |
| San Antonio | Pasco County |
| Sanford | Seminole County |
| Sanibel | Lee County |
| Sarasota | Sarasota County |
| Satellite Beach | Brevard County |
| Sea Ranch Lakes | Broward County |
| Sebastian | Indian River County |
| Seabring | Highlands County |
| Seminole | Pinellas County |
| Sewall’s Point | Martin County |
| Shalimar | Okaloosa County |
| Sneads | Jackson County |
| Sopchoppy | Wakulla County |
| South Bay | Palm Beach County |
| South Daytona | Volusia County |
| Sounty Miami | Miami-Dade County |
| South Palm Beach | Palm Beach County |
| South Pasadena | Pinellas County |
| Southwest Ranches | Bay County |
| Springfield | Bay County |
| St. Augustine Beach | St. Johns County |
| St. Augustine | St. Johns County |
| St. Cloud | Osceola County |
| St. Lucie Village | St. Lucie County |
| St. Marks | Wakulla County |
| St. Pete Beach | Pinellas County |
| St. Petersburg | Pinellas County |
| Starke | Bradford County |
| Stuart | Martin County |
| Sun City Center | Hillsborough County |
| Sunny Hills | Washington County |
| Sunny Isles Beach | Miami-Dade County |
| Sunrise | Broward County |
| Surfside | Miami-Dade County |
| Sweetwater | Miami-Dade County |
| Tallahassee | Leon County |
| Tamarac | Broward County |
| Tampa | Hillsborough County |
| Tarpon Springs | Pinellas County |
| Tavares | Lake County |
| Temple Terrace | Hillsborough County |
| Tequesta | Palm Beach County |
| Titusville | Brevard County |
| Treasure Island | Pinellas County |
| Trenton | Gilchrist County |
| Umatilla | Lake County |
| Valpariso | Okaloosa County |
| Venice | Sarasota County |
| Vernon | Washington County |
| Vero Beach | Indian River County |
| Virginia Gardens | Miami-Dade County |
| Waldo | Alachua County |
| Wauchula | Hardee County |
| Wausau | Washington County |
| Webster | Sumter County |
| Weeki Wachee | Hernando County |
| Welaka | Putnam County |
| Wellington | Palm Beach County |
| West Melbourne | Brevard County |
| West Miami | Miami-Dade County |
| West Palm Beach | Palm Beach County |
| Weston | Broward County |
| Westville | Holmes County |
| Wewahitchka | Gulf County |
| White Springs | Hamilton County |
| Wildwood | Sumter County |
| Williston | Levy County |
| Wilton Manors | Broward County |
| Windermere | Orange County |
| Winter Garden | Orange County |
| Winter Haven | Polk County |
| Winter Park | Orange County |
| Winter Springs | Seminole County |
| Worthington Springs | Union County |
| Yankeetown | Levy County |
| Youngstown | Bay County |
| Zephyrhills | Pasco County |
| Zolfo Springs | Hardee County |
