Resort Property

• Many times these are properties that are located around water, skiing, and/or mountains. They do not always fit into conventianal financing. Condos may be subject to financing that may be referred to as condotel. The lender may require a form to be filled out by the association to determine the classification of financing.
• Many times the buyers are purchasing these properties as a second home or investment property.
• Condotels may be in a resort community.  A lender may classify a condo as a condotel based on any one of the following ammenities:  front desk for check in, furnished units, square footage, units without kitchenettes, or a large percentage of units are used as investment property.