Condo-tel Financing in FL

[Ben Welling]

I have been looking to purchase a beach condo as a second home / investment.  I plan to rent it out weekly as a vacation rental when I'm not using it.  I was pre-qualified for a second home loan at 10% down / 4.75% / 30 yr fixed, but have run into a snag.  Apparently, the condo I have under contract is considered a "condo-tel" because it has a front desk.  Owners are not required to use the on-site rental desk (and I don't plan to use it), but lenders still seem to want 15-25% down because simply because it is considered a condo-tel. That is more cash than I have on hand.  Has anyone been able to finance one of these as a second home for only 10% down? Any suggestions for getting this done at terms closer to those I noted above?