Condotel (Condo Hotel) & High Rise Mortgage Loans

Condotel loans AKA Condo Hotel loans

I provide Condo Hotel financing for people wanting to invest in something unique and more different than the typical single family home. Las Vegas is one of the best markets to own a Condotel.

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. Condotel mortgages are available.

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 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 range of loan options, it is important to ask me to lay out your different loan options, including interest only and low-doc DSCR loans.

  • Minimum down payment is 20 to 25% but it could be more depending on your credit score and if the rent does not cover the payment. You may also need some reserves in the bank.
  • Trump Tower and Vdara, are two of my favorites. In the past, one of the HOA’s at Signature at MGM was unwilling to provide information about the property that is needed to secure a mortgage loan with an institutional (bank) investor. Palms Place recently had a large percentage of their units more than 30 days late paying their HOA dues.
  • Private money is the only financing option for some of these properties with HOA issues.
  • 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-rise

Non-Warrantable Condo and High-Rise Loans

High-Rise mortgage loans require 20% Down minimum. Non-Warrantable Condo financing is available. “Non-warrantable” means the development is not approved by Fannie Mae or Freddie Mac. Mortgage Loans for high- rises in Las Vegas can be a bit complicated and should be handled by an experienced “Non-QM” lender such as myself. 

If you are self-employed you might qualify for a bank statement mortgage loan without the need to provide tax returns. Low-documentation DSCR loans are available for investment (rental) properties.

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. This will provide information such as current litigation, a budget, and the percentage of owners who are late on their HOA dues. This information is needed to get mortgages in Las Vegas for high-rises.

Mortgage Loans are available on the Four Seasons Private Residences Las VegasMessage me about loans on this property.

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

Las Vegas Condotel
Las Vegas High Rise Condo
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dan pink

Dan Sherbondy
Senior Loan Officer
All Western Mortgage
(established in 1981)
“Dan The Loan Man”
702-326-7469 talk/text every day
DSherbondy@AllWestern.com

Equal Housing Opportunity

Dan’s Licensing: NV MLD 45649, CO-100516554  CA-DFPI313289 NMLS 313289
All Western Mortgage, 8345 W Sunset Rd #380 Las Vegas, NV 89113
702-326-7469- TALK OR TEXT | | 702.369.0905 – Switchboard (Ask for Dan)

Company NMLS# 14210, NV Division of Mortgage Lending Lic# 204, CA Dept of Corporations Lic# 603F053, CA Dept of Real Estate Lic# 01893025, CO Division of Real Estate.