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CONDO & CONDOTEL
Buying a condo is like buying a single-family home that sits inside a building. You own the apartment plus a percentage of the building's common areas.
Condo buildings have monthly "common charges" to cover building building-wide services (management, door staff, plumbing, roofing, common walls) but these charges are usually much smaller than co-op op maintenance charges.
Condo buildings have associations but they cannot veto sales or rentals-making condos very attractive to investors.
Condos are usually more expensive than co-ops - there are fewer of them and there's a high demand. Lending banks are lenient about condo buildings - if you borrow 75% or less of the price of your condo, a lender won't review the building's finances, and all banks accept completed condo buildings that are 90% occupied. Since a condo is "real property", your loan is a mortgage secured by the apartment itself.
Closing costs are higher for condos than co-ops... 2% - 4% of the loan as opposed to the closing cost for a co-op.
Mortgages for condos carry about the same low rates as for single-family homes. Diversified Financial Services, as your partner, will find you the best rate for your specific needs... and you can lock it in when you apply for your loan.
CONDOTELS: (source: realestatejournal.com)
Also known as "condo hotels," are typically condominiums in resort or downtown communities. A condotel looks and feels to visitors like a hotel or resort, but in these resorts, individuals have the opportunity to purchase individual units. Unlike a timeshare, where buyers pay for limited use of a resort, buyers of a condotel own their residence outright and can stay in it, rent it out, or sell it according to their own wishes. In these communities, in-house management companies rent out the units on behalf of their owners in exchange for a percentage of the rental income. Condotel owners and their renters often have use of the resort's amenities, such as concierge, fitness and spa services. Whether an owner can use the amenities while a renting guest is staying in the unit depends on the rules of the particular condotel development. These condos make up a relatively new investment category and account for less than 10% of all vacation homes and investment properties in the U.S., according to the National Association of Realtors.
Owning a condotel differs from buying and managing a condo in several respects.Unlike typical condos built by multifamily housing developers, condotels are often developed by hotel and resort companies -- such as Starwood Hotels & Resorts Worldwide, Hilton Hotels Corp., The Ritz-Carlton Hotel Company, LLC, and Four Seasons Hotels and Resorts. The price you pay for a unit may be substantially higher than that for a "regular" condo.
For the extra cost, you have access to the services of an in-house management company, which will market and rent your unit out for long or short periods of time (even nightly). The management company's rental program will charge you a portion of your rental income (typically 50%), and will handle the maintenance of your unit, groundskeeping and the clean-up after your renters leave. It will also oversee guest amenities such as pools, tennis courts and golf courses. If you bought a "regular" condo and hired an outside management firm to market and lease your unit to renters, there may be less flexibility when it comes to placing your unit in and out of the rental program, and the firm may not market your unit nationally in the way that a large hotel company might,.
If you buy before a condotel project is fully built, you may be able to purchase your unit at a lower cost, as developers tend to offer the lowest prices pre-construction. You may have to wait until the project is completed, though, before you can rent out your unit. Estimate how much you can fetch per night and how often you need to rent the unit out to bring in enough to cover your mortgage and other expenses. "
FINANCING OPTIONS:
We will arrange financing of up to 80% of the purchase price at most competitive rate and terms. This program is also available on STATED INCOME basis for borrowers who prefer not disclose their personal financials.
Foreign Nationals: Any non U.S. Citizen who has a valid visa (at least 2 years to expire), will be qualified to finance any Condo Hotel/Condotel up to 70% (75% on exception basis) of the purchase price.
For more details, please call Bruce Benjamin @ 718-326-1113, or e-mail: diversified65@aol.com
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Refinance 
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