Condotel Loan Programs for Nevada
Condotel Financing Solutions in Las Vegas, Reno, and Lake Tahoe, Nevada
Pacific Home Loans has been a trusted name in condotel financing since 2003.
Our extensive experience and commitment to excellence make us the premier choice for financing your condotel investment in Las Vegas, Reno, and Lake Tahoe.
With our streamlined process and upfront pre-approval, your path to condotel ownership has never been easier.
Why Choose Pacific Home Loans for Condotel Financing?
Two Decades of Expertise:
With over 20 years of experience, Pacific Home Loans specializes in condotel financing, ensuring a smooth and efficient process.
Upfront Pre-Approval:
We pre-approve all condotel deals upfront, providing you with confidence and peace of mind from the start.
Competitive Rates:
Benefit from our competitive rates, tailored specifically for condotel financing solutions.
Flexible Guidelines:
Our flexible guidelines accommodate primary residences, second homes, and investment properties, empowering you to achieve your condotel ownership goals.
Understanding Condotel Classification:
Not all vacation rental condos are Condotels. Your vacation rental condo may qualify for a lower interest rate than what is typically available for a condotel.
At Pacific Home Loans, we differentiate between condos that allow nightly rentals, classifying them as either Non-Warrantable Condos or Condotels. While Non-Warrantable Condos are ineligible for conventional financing, they may be eligible for a lower interest rate compared to condotels.
Our knowledgeable Mortgage Loan Originators at Pacific Home Loans will evaluate whether the condo you’re eyeing falls into the condotel category. If the unit lacks features such as a registration desk or hotel-like amenities, you could be eligible for a lower interest rate.
Condotel Home Loans Basics
Minimum Down Payment:
The minimum down payment for a condotel primary residence, second home, or investment property is 25%.
Leaseholds:
Leaseholds are permitted if the remaining term on the land lease is 30 years or longer. Leases with 15 years or more remaining are allowed for investment properties only.
Exclusions:
Financing is not available for condotels with structural issues or incomplete construction of the subject phase.
Pending Litigation:
Pending litigation may be approved on a case-by-case basis, excluding issues related to structural concerns.
Case-by-Case Evaluation:
Factors such as condotel size (less than 500 square feet) and the presence of kitchenettes (vs a full kitchen) are evaluated on a case-by-case basis.
Maximum Condotel Loan Amounts for Nevada
Non-Warrantable Condo(see non-warrantable condo description above – must be greater than 500 sqft with a full kitchen)
Non-Warrantable Condo – Primary Residence
| Minimum Down Payment | Maximum Purchase Price | Loan Program |
|---|---|---|
| 20% Down | $3,750,000 | Portfolio Jumbo |
| 30% Down | $5,000,000 | Portfolio Jumbo |
| 40% Down | $10,000,000 | Portfolio Jumbo |
Non-Warrantable Condo – Second Home & Investor
| Minimum Down Payment | Maximum Purchase Price | Loan Program |
|---|---|---|
| 20% Down | $3,125,000 | Portfolio Jumbo |
| 25% Down | $4,000,000 | Portfolio Jumbo |
| 40% Down | $10,000,000 | Portfolio Jumbo |
Condotel (may be less than 500 sqft with a kitchenette)
Condotels with less than 500 square fee and featuring a kitchenette rather than a full kitchen may be considered on a case by case basis, and will require a minimum 25% down payment.
