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Updated over 1 year ago on . Most recent reply
Condo-hotel Purchase Financing
I'm planning on making an offer on a condo-hotel in Vegas. This will be my primary residence (at least for awhile) and might become a rental/hotel unit later. This isn't my part of my investment portfolio so I'm not expecting to cashflow. Anyhow....
I'm told that I can't get conventional financing and would be required get a DSCR loan, put 30% down at have a rate of 8-10%. Does this sound right?
I anticipated maybe a 20% downpayment and a loan rate a bit over conventional financing?
The property is in Neveda, I'd be happy to get recommdations for another mortgage broker.
Thanks!