New York Condotel & Resort-Hotel Loans on Your Terms
Finance your New York condotel (condo + hotel) investment with flexible terms and streamlined underwriting.
- Loan amounts up to $3,000,000
- Available for Second Homes or Investments Properties
- Multiple income documentation options
- Up to 75% loan-to-value for purchases
Tell us more about your Condotel deal
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Why Choose
Our
New York Condotel Loan Program?
Reduced Doc Options
Condotels can be Full Doc, Bank Statements, DSCR, Asset Depletion, and Asset Qualifier.
Fast Funding
Need quick funding? Get pre-qualified in as little as 24 hours!
Commonsense Approach
Even if you’ve experienced past turndowns, our experts can come up with a solution for you.
Program Highlights
New York Condotel
- Loan amounts up to $3,000,00
- FICO score as low as 680
- Loan-to-Value up to 75% for Purchase Loans
- Loan-to-Value up to 70% for Rate & Term Refinances
- Loan-to-Value up to 65% for Cash-Out Refinances
- Only available for investment properties and second homes
- Full Documentation, Bank Statement, 1099, Asset Depletion, Foreign National, and DSCR Investor Cash Flow income documentation options
- Interest only 10/40 available
- Available for Foreign National borrowers
Have a question?
We have the answers.
What is a Condotel Loan?
A condotel is a hybrid between a condominium and a hotel. Condotel projects offer similar service to that of a hotel such as housekeeping, concierge, and amenities like swimming pools, restaurants, and fitness centers.
Owners of condotel units can enjoy staying in their unit when they visit, but they also have the option to place their unit in a rental program managed by the hotel operator. This allows them to generate rental income from their unit when they are not using it.
What income documentation is available for LendSure condotel loans?
LendSure offers the following documentation options for condotel loans:
- Full Documentation
- 12- or 24-Months’ Bank Statement
- DSCR Investor Cash Flow
- Asset Depletion/Asset Qualifier
- Foreign National Loans
- Short Term Rental Income (AirBNB and VRBO) is okay
Can a condotel loan be used to purchase a primary residency?
LendSure Condotel loans are only available for second homes and investment properties.
What condotels are ineligible for condotel loans?
The following projects are not eligible for condotel loans:
- Projects that restrict the owner’s ability to occupy the unit
- Projects with mandatory rental pooling agreements that require unit owners to either rent their units or give a management firm control over unit occupancy
- Projects with non-incidental business operations owned or operated by the homeowners’ association (such as a restaurant, spa, health club, etc.)
- Common interest apartments
- Timeshare or segmented ownership projects
- Multi-unit dwelling condos that permit an owner to hold title to more than one dwelling unit, with ownership of all of his or her owned units evidenced by a single deed and financed by a single mortgage
Ready to take the next step?
LendSure Home Loans is a registered trade name of LendSure Mortgage Corp. NMLS ID# 1326437 (www.nmlsconsumeraccess.org). 12230 World Trade Drive, Suite 250, San Diego, CA 92128. 888.707.7811. All rights reserved.
LendSure Mortgage Corp. is authorized to conduct business under the LendSure Home Loans trade name in Arizona, California, Georgia, Illinois, and Texas.
For licensing information, please visit our Licensing Information Page. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice.