Bank Statement for Condotel Purchase

Condotels (condo-hotels) are non-warrantable properties requiring portfolio or non-QM mortgage financing rather than conventional Fannie Mae/Freddie Mac loans. Condotel lenders require 12–24 months of bank statements to verify income using bank statement averaging rather than tax returns. Our converter prepares this documentation quickly from PDF to Excel.

Key Benefits

• Prepare 12–24 months of bank statements for condotel bank statement mortgage
• Document rental pool income deposits if currently owning a condotel unit
• Organize income averaging across all bank accounts for qualification
• Verify down payment funds (condotels typically require 25–30% down)
• Prepare documentation for portfolio or non-QM condotel lender review

How It Works

1. Step 1: Upload 12–24 months of PDF bank statements from all accounts
2. Step 2: Select bank format or manual extraction mode
3. Step 3: Download Excel organized by month and account
4. Step 4: Calculate average monthly deposits for income qualification
5. Step 5: Submit to portfolio or non-QM condotel mortgage lender

Frequently Asked Questions

Why do condotel purchases require bank statement loans instead of conventional mortgages?

Condotels are classified as non-warrantable condos because hotel management controls rentals for most of the year, making conventional Fannie Mae/Freddie Mac financing unavailable. Portfolio lenders and non-QM lenders fill this gap, typically requiring 12–24 months of bank statements rather than tax returns for income qualification.

How much down payment is required for a condotel loan?

Most condotel lenders require 25–30% down payment. Bank statements documenting the full down payment amount must show funds sourced from your accounts for at least 60 days prior to application (seasoned funds). Large recent deposits may trigger source of funds documentation requests.

Convert Statements for Condotel Loan