Missoni Baia Financing Option
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Securing a luxury condo in Miami’s competitive market demands an expert. At Miami Lending Advisors, we offer specialized financing tailored to high-end properties like Missoni Baia. With extensive knowledge of Miami’s luxury market, we bring you options that align with your financial goals and unique profile.
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Financing Your Luxury Condo at Missoni Baia in Miami
Located in Miami’s Edgewater, Missoni Baia offers panoramic views of Biscayne Bay and Miami Beach. With 57 stories and 249 units, it embodies Miami’s vibrant luxury, blending high-end living with Missoni’s signature style.
Financing for Missoni Baia can be complex, as many luxury condos in Miami are cash-preferred due to financing challenges. However, with the right mortgage partner, securing financing on favorable terms is achievable—even for exceptional properties like Missoni Baia.
Loans for Missoni Baia
Types of Available Financing for Missoni Baia
Just like the Missoni brand created in 1953 by Ottavio and Rosita Missoni, which offers many different products from home furnishings to clothing, accessories, and residential spaces, there are different products that will adjust to the financing needs of buyers and owners depending on their specific situation. And just as the brand pays meticulous attention to detail in all its products, we at Miami Lending Advisors make sure we offer you the right product according to your profile in Miami’s luxury real estate landscape.
Conventional Loans
Believe it or not, Miami Lending Advisors is able to offer loans with conventional loan terms at Missoni Baia. Even though these loans will be capped at the current conventional loan limit of $802,650, they are a great alternative for those one- or two-bedroom apartments. Most of these loans will amortize for 30 years at fixed rates, giving you peace of mind in the long term. No matter the intended use of the property—primary home, vacation home, or investment—these loans are available for U.S. Citizens or Residents.
Jumbo Loans
Missoni Baia offers a variety of floor plans, ensuring that there’s a perfect home for every lifestyle. With lavish four-bedroom penthouses designed to maximize comfort and style, and floor-to-ceiling windows offering panoramic views of Biscayne Bay and the Miami skyline, these residences are more than just places to live—they’re canvases where you can create your own luxurious retreat. As the prices of these units will go above 2 million up to maybe 6 or 7 million dollars, jumbo loans above the conventional loan limits will often be required.
Investor Loans
Missoni Baia offers an appealing opportunity for rental income, attracting high-end tenants who seek the finest in Miami living. The property’s location and amenities make it highly desirable, ensuring a strong return on investment. Investor loans offer a flexible approach to loan approval, with a smooth process more focused on the rental income of the property rather than the financial profile of the buyer.
Loans for International Buyers
Miami is the #1 market in the U.S. attracting international buyers, and buildings like Missoni are the most sought-after product for either vacation homes or investment. Loans tailored for international buyers require expertise, as the approval process is completely different from that for domestic clients. From buying under a corporation with different lawyers of ownership to funds coming from overseas, different types of visas, and the general profile of the buyer, the bank needs to understand the whole picture before approving your loan.
Cash-Out Equity
Most of the initial sales in Missoni from the developer to the first buyer were cash transactions. At the time the building was completed and closings started, different challenges made financing very difficult for new owners. As we learned to overcome all those challenges, we now present those homeowners with a gigantic opportunity to cash out on their property and use those funds for other investments.
Refinancing
Due to building financing challenges or perhaps time constraints, several closings on the building have been done with hard money loans at high rates and possibly not the most favorable terms. As the building is more stable now and the property value has likely appreciated, considering refinancing with better terms is the best financial decision any owner on a high-interest loan can make.
Bridge Loans
There will always be a small portion of transactions that require private lending due to specific situations of the buyers or the property. Bridge loans will always be a quick solution, but make sure you explore all your other options before jumping into this one.
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Frequently Asked Questions
You ask, we answer all your questions about property financing in Tampa, Florida
Why is it difficult to finance Missoni with my regular bank?
Many banks do not have dedicated condo teams that understand the analysis and approval of condo loans. They often have strict guidelines and are not equipped to creatively structure financing options.
- Closing: Sign the final paperwork and finalize the loan.
Will a regular bank finance a Non Warrantable Condo?
Regular banks typically do not finance non-warrantable condos due to their stricter lending guidelines. Non-warrantable condos often have issues like low owner-occupancy rates, unresolved litigations, liens or incomplete amenities. However, some lenders specialize in such properties, offering alternative financing options. It’s best to explore these specialized lenders if you’re considering a non-warrantable condo.
How much downpayment do I need?
Downpayment requirements will vary by program. For hard-to-finance condos, a 30% downpayment is generally advisable, though some programs may allow downpayments as low as 10% for jumbo loans and 3% for conventional loans.
How much are my closing costs?
Closing costs depend on the type of loan and property use (primary residence vs. investment). Typically, they range from 3% to 5% of the loan amount.
How is my mortgage payment structured?
Your mortgage payment generally consists of principal and interest, typically amortized over 15 or 30 years. You’ll also need to account for property taxes, insurance, and homeowners association fees, if applicable.
What are the terms of my loan?
Loan terms vary, with options typically available for 15 or 30 years. Interest rates may be fixed for various terms, from 3 to 30 years, depending on your financial profile and the property.
Have you financed any properties at Missoni Baia?
Yes, we have financed multiple properties at Missoni Baia. In 2024 alone, we facilitated two transactions: one was a private bridge loan for quick funding, and the other was an investor refinance with conventional terms. This is the google review from our last closing in Missoni Baia: “I just did a refinance with Miami Lending Advisors on my unit #1007 in Missoni Baia in Edgewater Miami. When I first purchase the unit I had to buy it with a hard money loan as the building was not completely ready and obtaining financing was very difficult. Since then, Miami Lending Advisors has been trying to work on getting the condominium approved by different lenders and today I was able to refinance the hard money loan into a conventional loan with absolutely more favorable terms. This new loan has an interest rate almost 4% lower than the previous saving me thousands of dollars per year. As usual the process with them was fast and smooth and now I am a happy investor in Missoni Baia.
Miami Lending Advisors LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.
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