Condotel (Condo-Hotel) Financing
A condo hotel (condotel) is a great way to own a luxurious vacation condo with the added benefit of rental income when you're not using it. Luxury Mortgage Group is a direct lender for condotel units.
2008 MARKET UPDATE - You will greatly benefit from our superior interest rates and higher financing amounts on condo-hotel mortgages. We still have up to 100% financing on condo-hotel units available (Using our Pledged Assets Mortgage program). Our pricing and direct rates are amazing. Contact us at (702) 540-7466 to see how we can benefit you.
Why is Luxury Mortgage Group superior to other lenders?
 Specialization in condotel financing. (Your mortgage will be handled by true professionals making it simpler, faster and more efficient.)
More Loan Programs (From 30 year fixed loans to payment option mortgages, you'll get exactly what you want.)
100% condo hotel financing is STILL available (Our pledged asset mortgage program will allow you to come out of pocket zero!)
Direct Lender (Leave your mortgage broker in the dust with our direct pricing and superior interest rates.)
Additional Hard Money Options (Others rarely have these private money options.)
Service and consistency that are second to none.
You can trust Luxury Mortgage Group to deliver.
Dial (702) 540-7466 to discuss your options with luxury financier, Don McCorkle today.
You may also request a phone call back here:
OR UTILIZE OUR EFFICIENT ONLINE LUXURY MORTGAGE APPLICATION.
Learn more about condo-tel mortgages:
What cities/states does Luxury Mortgage Group offer condotel mortgages in?
Las Vegas, Incline Village, Reno - Nevada
Vail, Aspen, Devner - Colorado
Maui, Kauai, Oahu - Hawai
What is the debt-to-income ratio allowed when buying a condo hotel unit?
Overall debt-to-income ratio should be no more than 50% but we can make exceptions.
Does the project need to be approved itself?
Depending on the type of financing you require, we may need to pre-approve the project in order to allow certain terms on the loan. Condo hotels are particularly common to urban, popular tourist cities such as Las Vegas, Miami and Chicago so buying a unit in those kinds of location should be straightforward.
Are there any pre-sale requirements?
We usually need to see at least 75% of total units under contract before financing a unit in a particular project. However, we may be able to waive our pre-sale requirements as long as we have pre-approved the project.
What if there are commercial spaces such as retail and restaurants in the project?
As long as the commercial space and usage is limited, its inclusion is typical to similar projects, and the project is residential in nature, we can finance your unit.
Are there any minimum unit size requirements?
We like to see units that are at least 500 square feet. We have programs that waive minimum size requirements as long as the project is pre-approved.
Will my loan type be considered owner occupied?
Nearly all condo-tel units we finance are done so as a second home (vacation home) loans or as an investment loan. We can qualify you based on your income and underwrite the file as if it was an investment property. Unlike traditional residential deals, we do not count potential rental income from the property for qualifying purposes.
Are there any minimum down payment requirements?
Condo-hotel buyers are required to put a usual minimum of 20% down although a higher down payment may be required on different programs. We have specialty programs that allow you to provide less income or asset documentation. If you would like to put down less money, our highest loan-to-value program allows you to put down as little as 10% (90% LTV), but we urge you to call us to discuss. In general, secondary financing is not allowed.
What kind of documents will I need to get pre-approved?
Standard documentation includes your income and assets and your credit. An average middle FICO score of approximately 680 is required, though exceptions on lower scores can be made.
Self-employed buyers with complicated or extensive tax returns can qualify using a stated income program, hence streamlining the loan approval process. An interest-only option payments are also available.
You may also wish to visit our news website, "Luxury Mortgage Blog" and take a look at the condo-hotel mortgage category.
Additional property types we finance:
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