CondoTel Hammock Beach Golf Resort Mortgage Lenders
Yes, we offer Condo hotel mortgage options for Hammock Beach Golf Resort, located at 200 Ocean Crest Dr, Palm Coast, FL 32137, which require specialized, non-warrantable condo financing due to the resort-managed rental program. Typical requirements include a minimum 25%-30% down payment (70-75% LTV) and a FICO score of 660+ or higher. These Hammock Beach luxury condo hotel beach club condo hotel units are furnished and require specialized, non-conventional loans, such as portfolio or non-QM loans. Personal income documentation is NOT required for mortgage lenders at Hammock Beach, Florida, condo-tels. All condotel mortgage loans are subject to complex recertification.
Hammock Beach Florida Golf Resort Mortgage Lenders
- Hammock Beach, Second Homes or Investment Properties.
- Loan amounts up to $3,000,000.
- Multiple income documentation options.
- Up to 75% loan-to-value for purchases.
No Personal Income Florida Condotel Mortgage
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.
DSCR Condotel Florida Mortgage Lenders
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.
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.
About Hammock Beach Resort and Spa
Hammock Beach Golf Resort & Spa is A truly unique experience, situated on a stunning stretch of unspoiled beach along Florida’s Atlantic Coast in Palm Coast. Discover the ease of coastal living – perfect for family vacations, weekends with friends or elevated corporate retreats. Your beachfront escape begins here.
One Oceanfront Resort Mortgage lenders
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- Main Tower Hammock Beach, FL For Villas
Five Distinct Stays
Sophisticated coastal décor and classic style are the hallmarks of Hammock Beach Golf Resort & Spa. Choose from a one-bedroom suite or two, three and four-bedroom condominiums, each featuring a master bedroom and private bathroom with dual vanities, a walk-in shower with a large garden tub, and an open-air covered balcony with ocean and golf course views.
World-Class Golf Resort in Palm Coast, Florida
The Hammock Beach Golf Resort and Spa is nestled along the shoreline and overlooking the Atlantic Ocean. Our Jack Nicklaus-designed Ocean Course is a breathtaking sight. Our award-winning course winds along pristine wetlands and sparkling lakes, offering golf aficionados a truly unforgettable day on the links. The breathtaking Conservatory Course, designed by Tom Watson, is highlighted by waterfalls, babbling brooks, and field stone work.
