Condotel Financing - MGM Signature

[Account Closed]

I've heard some people are not big fans of condotels as in an investment, but putting that aside, does anyone have any good lenders for the MGM Signature in Vegas? Intending to put 25-30% down. We will use unit as investment and vacation for family and friends.  Any input on best financing options would be appreciated.  thanks in advance.

[Dennis Muno]

Quote from @Account Closed:

I've heard some people are not big fans of condotels as in an investment, but putting that aside, does anyone have any good lenders for the MGM Signature in Vegas? Intending to put 25-30% down. We will use unit as investment and vacation for family and friends.  Any input on best financing options would be appreciated.  thanks in advance.

 Hello Jr,

What is the sales price as well as is the property cashflowing/will it cashflow?  25-30% down should be enough for downpayment+ closing costs.It'll be great if you have some proof the property will cashflow for lenders you speak to. If you don't have that info, lenders may use market rents or other calculations to see what the monthly rent or income may be.

If your FICO is good and the property will cash flow condotel lenders may be willing to assist you and your lending terms for lenders may be good.

It will depend on your FICO and if property will cashflow