Condotel Financing - MGM Signature

Las Vegas, Nevada
Mortgage Brokers & Lenders
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Condotel Financing - MGM Signature

Account Closed
Member since 2023 · 1 post · 3 votes

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.

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Dennis Muno
Lender · Denton, TX · Member since 2023 · 349 posts · 80 votes
3y
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

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  • Nick BelskyBusiness Member
    Lender · Orlando, FL · Member since 2021 · 1k+ posts · 704 votes
    3y

    @Account Closed

    Condotels are still very much taboo to many lenders. Some are perfectly fine with them, provided the property fits into their credit box. Most will reduce LTV by 5 or 10% to do them, but a few will go to 75% or even 80%, if it cash flows well enough, the borrower is strong enough, and the property is a fit. I'd recommend using a mortgage broker to help with this. Condotels are very much a niche loan product to find the right match without too much headache. They will be a headache, no matter what but at least ensure you have a lender who knows how to work with them.

    Cheers!

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  • Nick Conley
    Lender · Dallas, TX · Member since 2023 · 71 posts · 19 votes
    3y

    Hi Jr,

    Could you send me the details on the price and any information you have in a PM and I will see what I can find for you? 

    0Reply
  • Dennis Muno
    Lender · Denton, TX · Member since 2023 · 349 posts · 80 votes
    3y
    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

    1Reply
  • Zach Edelman
    Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
    3y

    Some DSCR lenders will do condotels. Would honestly look at BP's list of recommended DSCR lenders and just ask around.

    0Reply
  • Daniel ChristopherBusiness Member
    Lender · Miami, FL · Member since 2020 · 796 posts · 96 votes
    3y
    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.


    Some DSCR lenders do condotels. I've quoted some purchases and refi at the MGM at 75% although most lenders will cut LTV to 70% for condotels.

    619-815-8867
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