Hi guys and gals. I have been looking into a condtel in Vegas but I have had a very difficult time finding a loan. Nobody wants to give a loan for these. Do you guys have any advice? The property I am looking at would make great returns and I am even considering going all in with cash (all the money I have). Can anyone help me out?
Best advice I can give you is run. No actually it would be run like hell!
Agreed. I have Never seen a condotel that made sense in the end. There is a reason financing is tough to find, lenders don't like the risk/returns.
I cannot say I have heard much in terms of the condotel loan market. I am in agreement with above posters however.
The lender in the commercial real estate place is generally in a great position. Who after all takes the haircut in this "partnership"" if things don't go well?
The lender is almost always made whole.
If the debt markets are giving that much resistance I believe its a sign its not that great of an idea/project/investment.
@Daniel Chu, don't you think the lack of liquidity for potential buyers would hurt you in the future. If you can't get a loan now, how are other buyers going to take you out of this "investment?" Do you have another exit strategy?
That being said, here is a link but I would proceed with utmost caution.
Thanks guys. Looks like I will run like hell from this. I appreciate it fellas!