Non-QM Lending for Resort Condos - $150K to $1.5M
Resort Condos are the hot new trend for owner-occupied, second-home and investment. Buyers can purchase a luxury vacation condo at a world-class resort and enjoy all the amenities and services of the resort. Or purchase it as an investment rental.
JMAC Lending’s Sr. Account Executive Mike Garland is an expert on purchasing these type of properties. “When the owner is 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,” Garland says.
“Like a traditional vacation home, owners can use their home when they want,” Garland shared. “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
Resort condos are managed and operated as a hotel or motel, even though the units are individually owned.
Resorts include registration services and offers rentals of units on a daily, weekly, or monthly basis
Investor concentration, within the subject project, may exceed established project criteria up to 100%.
R/T and Cash-Out: 65%
Minimum square footage: 500
Fully functioning kitchen – defined as a full-size appliance including a refrigerator and stove/oven
Bedroom required
Call Sr. Account Executive Mike Garland at 423.837.9083
Loans for Resort Condos are available for popular ski resorts in Colorado, California, Idaho and Utah.
Loans for luxury vacation Condo Hotels are also available for units in Florida.
JMAC Lending offers two exceptional Non-QM programs for Resort Condos
VENICE DSCR INVESTOR CASH-FLOW FOR RESORT CONDOS
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 RESORT CONDOS
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