Anyone know any lenders that offer a 15+ year loans on condo hotels in south florida?interested to see what’s out there and associated terms. I’m looking to purchase a couple units, but only if I can refi.
These investments historically have performed so badly that most lenders won't touch them. The hotel management company sucks all the profit out through management, renting and maintenance fees, while getting individual investors to pay the capital outlay. The few that made money were the result of high appreciation in the subject area. Why pay a hotel management company 50% when you can utilize AirBNB or VRBO for a fraction of the cost on a condo, townhouse, or SFR in a area of demand?
@Don Konipol I totally agree and wouldn’t pay a hotel management company. I have two condo hotel units now and run them myself through Airbnb and they perform great. They’re outperforming the management company by far.
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