Updated 5 days ago on . Most recent reply
condotel financing help
so Im trying to get financing for a condotel studio in the mgm signature. looking for a tax write off and a place that i can come use when in town. I know it will not break even and will be loosing some money. i was pre approved for a unit but they want 35% down for a studio was told a 1 bedroom would only need 25% down. is this common? i know that the one bedrooms loose more money then the studios do as they have a 2k hoa fee. Im looking at a couple penthouse units but "only" have 75-80k down for a 300-350k unit.
other stats of importance from loan office: bank statements 12 month 15k a month with 5k in debt
but income trending up and averaging about 20k so far this year with new contracts coming in to bring that to 25k
Im trying to see what my option are here, looking into seller finance but the unit i most want will not offer seller finance.