Condotel and High Rise Mortgage Loans

Condotel Loans:

• Trump Tower, Vdara, are two of my favorites. Signature at MGM has been unwilling to provide information about the property that is needed to secure a mortgage loan with an institutional investor making private money the only option. Palms Place had some litigation as of summer, 2022, that makes financing (other than private money) difficult. 
• Minimum down payment is 25%, and up to 35%. You will also need some reserves in the bank (3-6 months of the new payment amount).
•  No income verification required (DSCR Loan) IF the property will be a rental property. 
• Studios and no minimum square footage is Ok in some cases.
• Closing in LLC is ok
• $100,000 minimum loan amount
• DSCR (easy qual) loans are available for Condotel and High-rises.

Non-Warrantable (not approved by fannie mae) Condo and High-Rise Loans:

• Minimum down payment is 20%

***In order to determine IF a property is able to be financed, we need an “HOA Lenders Questionnaire”. This is in addition to the “resale package” that is typically provided to the buyer by the seller. 

Complete the contact form at bottom and tell me your credit score, annual income and what development you are considering.