Condotel (Condo Hotel) & High Rise Mortgage Loans

Condotel loans, also known as Condo Hotel loans, provide Condo Hotel financing options for people wanting to invest in something unique and more different than the typical single family home.

Condo Hotel properties are a hybrid of a traditional hotel and a Condominium, with some offering both short-term and long-term rental options. You will typically need an investment property loan to buy a Condotel.

Condotels are non-warrantable condos, meaning they are not approved for financing by fannie mae or freddie mac. People like that they can stay at their own property when it’s not rented out.

Condotel financing, especially in Las Vegas, has become very popular for real estate investors looking for a diverse investment opportunity.

Condotel loans, sometimes referred to as vacation rental financing loans can be complicated and should be handled by an experienced Loan Officer, such as myself.

Condotel mortgage financing loans provide a flexible option for individuals looking to invest in a Condo Hotel property. With a wide range of loan options and varying terms, it is important to ask me to lay out your different loan options, including interest only and low-doc DSCR loans.

• Trump Tower and 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% but it could be more depending on your credit score and if the rent covers the payment. You may also need some reserves in the bank (4-6 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. Interest only is available.

• 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 to 25%

***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.