Non-QM Lending for Condo Hotels to $1.5M
Condo Hotels are the hot new trend for owner-occupied, second-home and investment. Buyers can purchase a luxury vacation condo at a world-class hotel and enjoy all the amenities and services of the hotel. Or purchase it as an investment rental. When not in residence, they can place their condo in the hotel’s rental program and share in the revenue it generates, which helps to offset the costs of ownership.
Condo hotels are fully-furnished condominium suites in some of the most famous hotels and resorts in the country. Owners have access to all of the luxury amenities and services of the property, ranging from full-service spas and state-of-the-art fitness centers, to fine dining restaurants and concierge services.
Like a traditional vacation home, owners can use their home when they want. However, unlike a traditional home, they have the option of participating in the property’s rental program and sharing in the revenue the home generates. Ownership is 100% hassle-free as all maintenance and rental issues are handled by in-house management company.
Loans from $150K to $1.5M
Primary, second home and investment
LTVs vary by program
Rate/Term and Cash-Out: 65% LTV
500 min. square feet
Unit must have a bedroom and full kitchen
JMAC Lending offers two exceptional Non-QM programs for CONDO HOTELS
VENICE DSCR INVESTOR CASH-FLOW FOR CONDO HOTELS
NO RATIO (NO minimum DSCR) Limited restrictions.
No tax records, income or paystubs required
Condo Hotels: Purchase up to 75% LTV, Rate/Term and Cash-Out up to 65% LTV
Transfer appraisals accepted
Gift funds allowed after 10% from borrowers own funds
Only 30-days of assets docs. for closing funds and reserves
First-time investors: Up to 75% LTV
Cash out can be used to meet reserve requirements
Closed in LLC
30-year fixed, SOFR ARMs 5/6 & 7/6 with Interest-Only options
SFR, condo, 2-4 units, Condo Hotels and short-term rentals
Foreign Nationals
ZUMA NON-QM FOR CONDO HOTELS
PRIMARY, Second-Home and Investment
15-Year and 30-Year fixed and SOFR ARMs: 5/6 and 7/6. Interest-Only options: 30-year fixed and 40-year fixed, SOFR ARMs 5/6 and 7/6.
Reserves are only required on the subject property. Cash-out can be used to meet reserves.
ZUMA PRIME FULL: Full-doc qualification with credit events seasoned for 4 years
ZUMA PRIME ALT DOC: 12 & 24-months bank statements, 12 & 24 Months P&L, 1099, WVOE, and Asset Depletion with credit events seasoned for 4 years
ZUMA CREDIT FLEX FULL: Full-Doc qualifications with credit events seasoned for 1 year
ZUMA CREDIT FLEX: 12 & 24-months Bank statements, 12 & 24 Months P&L, 1099, and WVOE qualifications with credit events seasoned for 1 year
We’re here to help. Contact us today at sales@jmaclending.com or by clicking below.