Looking for a DSCR Loan With a Low Minimum for Condotel thats 350 sq

Classifieds
2yFollow

Looking for a DSCR Loan With a Low Minimum for Condotel thats 350 sq

Shaddy Mzeghet
Member since 2023 · 5 posts · 1 vote

I am looking for a DSCR Loan that has a minimum of 75k and that allows Condotels that are smaller than 500 sq ft, The units in this building is usually around 350sq per unit.

This property is located in Florida, I currently have 3 properties in this building and looking to add a fourth, the 3 properties i have are all paid off and this would be my first DSCR loan.

Any advice given would be highly appreciated!

1Reply
15 views

5 Replies

Jump to latestLatest
  • Ko KashiwagiPro Member
    Lender · Los Angeles, CA · Member since 2022 · 967 posts · 445 votes
    2y

    Hi Shaddy,

    What is the legal use/zoning of the property? Non-warrantable condo's could be considered in a similar fashion as 1-4 units for DSCR, but otherwise it may be different.

    310-848-9776
    0Reply
  • Nate HerndonPro Member
    Lender · Springfield, MO · Member since 2023 · 277 posts · 195 votes
    2y
    Quote from @Shaddy Mzeghet:

    I am looking for a DSCR Loan that has a minimum of 75k and that allows Condotels that are smaller than 500 sq ft, The units in this building is usually around 350sq per unit.

    This property is located in Florida, I currently have 3 properties in this building and looking to add a fourth, the 3 properties i have are all paid off and this would be my first DSCR loan.

    Any advice given would be highly appreciated!


    Hey man, sounds like you have a great business model going - condotels are wildly difficult to finance though. The only programs I have seen that will do such a thing are non-QM loan, which differ from the DSCR side.

    [email protected]417-605-2196
    0Reply
  • Shaddy Mzeghet
    OP
    Member since 2023 · 5 posts · 1 vote
    2y

    The zoning allows short term rentals as well as long term residency. 

    0Reply
  • Shaddy Mzeghet
    OP
    Member since 2023 · 5 posts · 1 vote
    2y
    Quote from @Nate Herndon:
    Quote from @Shaddy Mzeghet:

    I am looking for a DSCR Loan that has a minimum of 75k and that allows Condotels that are smaller than 500 sq ft, The units in this building is usually around 350sq per unit.

    This property is located in Florida, I currently have 3 properties in this building and looking to add a fourth, the 3 properties i have are all paid off and this would be my first DSCR loan.

    Any advice given would be highly appreciated!


    Hey man, sounds like you have a great business model going - condotels are wildly difficult to finance though. The only programs I have seen that will do such a thing are non-QM loan, which differ from the DSCR side.


    Thank you very much Nate!! Ill look into this
    0Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    2y
    Quote from @Shaddy Mzeghet:

    I am looking for a DSCR Loan that has a minimum of 75k and that allows Condotels that are smaller than 500 sq ft, The units in this building is usually around 350sq per unit.

    This property is located in Florida, I currently have 3 properties in this building and looking to add a fourth, the 3 properties i have are all paid off and this would be my first DSCR loan.

    Any advice given would be highly appreciated!


    Honestly, this is going to be very very challenging. Only a few DSCR Lenders are doing condotels now and generally the minimum square footage is 500 (like you allude to) - 375 going to very difficult - especially with a low loan amount to boot.

    [email protected]
    Harpoon Capital515 Reviews
    WebsiteView Page
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free