If you want to use your property as a condotel and make money out of it, you can opt for condotel financing. You can use this funding for several purposes like setting up a service desk, reception, etc. A condotel operates just like a hotel and hosts short-term guests.
However, to be able to find a lender who offers you a loan for building a condotel, you need expert supervision from Commercial Real Estate Loan Pros of Key West. Our company can help you find private lenders to meet all your funding needs.
What is condotel financing?
A Condotel is like a unit that has hotel or restaurant facilities. Condotels are made out of the assets that you own that are of minimum use to you. These can help you earn the same as a hotel. Also, these loans are some of the most bought and well-known loans. The basic amenities like reception, workers, maids can also be financed. Condotels can prove to be quite beneficial if you get the funding in the right manner and operate under a hotel’s rental program.
Advantages of condotel financing
- Affordable interest rates- The major aspect that sets these loans apart from the competition is their low-interest rates. These come with a decent interest rate. The rates are constant in their value.
- Reformation loans- With these funds, you can remodel an existing office building or buy or create a new one. This is one of the benefits of these loans.
- Collateral- Lenders may or may not require collateral to make these loans available to you. There is no requirement for collateral because they are small loans.
Difficulties one can face acquiring this loan.
- It happens more often than banks think this to be an unsecured loan and do not pass the loan application. This is due to the collateral policy. But sometimes, a good collateral offer helps you get this loan, but at a high-interest rate.
- Also, private lenders increase the interest rate according to their will and change the time for repayment of the loan. This will create a burden on you.
But do not worry, we can help you with this. Our team hand-picks trusted private lenders to help you cross these difficulties. Our company has the best financial experts who will assess your situation and will recommend you the best. Also, we’re always in touch with the best private lenders who’ll definitely meet all your requirements.
Why choose us?
Commercial Real Estate Loan Pros of Key West are one of the oldest service providers within Monroe County. We have been helping businesses get the best deals. Our team of professional and certified members saves your time and money by hand-picking the trusted lenders for you.
You will never forget our prestigious services as our after-sales services are the best. Also, we provide affordable and excellent services all across the county. So, if you have questions or want any loans, come get to us and gain complete knowledge about our finance programs.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.