North Myrtle Beach Branch. Or email us at gcho@gustancho. Are you purchasing a condotel and struggling. If you are looking in Charleston County, the average price soars up to $505,000. Find the perfect building to live in by filtering to your preferences. Typically, these condotel buildings offer amenities such as a check-in desk, on-site cleaning services, water parks, and more, while individual units are separately owned. Building or project needs to be more than or equal to 50% for commercial – this will be determined by the appraiser. The units are located within a building that has the amenities of a hotel, including a front desk as well as a cleaning staff. In this second part of our blog series on condominiums and condotel financing, we will explore the ad. North Myrtle Beach, South Carolina. " Meaning they are a condo that is in what they consider a hotel. The minimum loan amount must be 10000$. Home Spring Mortgage offers non-QM condotel loans with. Condotel purchase on the beach - Myrtle Beach User Name: Remember Me: Password : Myrtle Beach - Conway area Horry County Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. CCNB offers special rates and terms specifically for condotels that include fixed or adjustable rates with as little as 25% down on second homes and 30% down on investor. As an example, a lender would offer 80% LTV (loan to value) up to a $350,000 loan; 70% LTV up to a $650,000 loan amount; and 50% LTV up to $1 million loan amount. For monthly updates on current listings and new closed sales, sign up for our Myrtle Beach Downtown Oceanfront Condos Real Estate News, one of the 50 versions of our e-newsletter. Private owners can purchase condotels. Unlike Our Competition, We Do Not Believe In Having Banker’s Hours. Investment property loans Commercial & Residential Condo Hotel Loans. 18, 2009. Long-Term Fixed or ARM Rates. Water temp is wonderful in June!Myrtle Beach Condos with an Angle Oceanfront View. To get a condotel unit or non-warrantable condominium unit approval, the condotel unit or non-warrantable condominium unit needs to be the following: at least 500 square feet. A law degree or B. Max 75% LTV Purchase. Myrtle Beach condotel financing guidelines made easy Our flexible options and expert guidance ensure a seamless experience. No Income Verification, No Tax Returns. North Myrtle Beach, SC 29582. Find the best offers for your search owner financing myrtle beach. Ameris Bank is a full-service financial institution serving customers a variety of mortgage loan options in the Southeast and Mid-Atlantic, with locations in Alabama, Florida, Georgia, Maryland, North Carolina and South Carolina, Tennessee and. Minimum Down Payment: 30%. Okay. Learn more. From understanding the basics to exploring investment opportunities, assessing risks and returns, and navigating financing challenges, we will equip you with the strategies and knowledge to excel in this ever-evolving market. Condotel loans are available for up to $1. Gustan Cho Associates can get up to a 75% cash-out refinance loans for those Condotel unit owners who are looking to do a cash-out refinance on their second or vacation home Condotel unit. 1. Golf colony resort 5p. com. Let’s assume that the cost to purchase a condo is $250,000, in order to break even the hotel would need to charge $250 per night for your condo and rent out at least 60% of the time. Real Estate Investors and homebuyers can also subscribe to our newsletter at A condotel is a hybrid between a condominium and a hotel that lets owners enjoy the unit (and the property’s on-site amenities) themselves as well as generate income by offering it as a short-term rental property. Regarding Condotel or Non-Warrantable Condos, the lender will generally hold onto these loans. No hassels with condotel financing!! Direct Oceanfront Efficiency Unit Beautifully Remodeled with a Kitchen. 1 bath 400 sq ft 201 74th Ave N #2636, Myrtle Beach, SC 29572 (843) 492-4030 Owner Financing - Myrtle Beach, SC Home for Sale OWNER FINANCING AVAILABLE!!!!! No. Over 75% of the borrowers of Gustan Cho Associates (Gustan Cho Associates) are folks who could not qualify at other lenders due. ARM and 30 Year-Fixed Options available. 2. The median price for homes in South Carolina varies dramatically from one county to the next. Industry-leading Bank Statement Program. When we met with a realtor, January 2021 he stated we could have 6-12k Condotel purchase on the beach - Myrtle Beach (Pawleys Island: short sale, oceanfront) - Myrtle Beach - Conway area - South Carolina (SC) -Horry County - City-Data ForumFHA Florida Condo Loan Spot Approval Requirements. Full Doc, Alt Doc and DSCR. CCNB offers special rates and terms specifically for condotels that include fixed or adjustable rates with as little as 25% down on second homes and 30% down on investor properties for qualified buyers. View property. Alabaster, Shelby County, AL . Discover the perfect blend of real estate investment and luxury hospitality with our exclusive condotel offerings. 9 West Rock Lane Irmo, SC 29063. Hopefully, now you understand why your regime fees will easily be $400 to $1500 a month (depending on what condo development) you own. View photos of the 106 condos and apartments listed for sale in Charleston SC. You have found the original full service, discount real estate brokerage, 1 Percent Lists, who is licensed in Louisiana and still owned and operated by. Condotel And Non-Warrantable Condominium Mortgage Underwriting Process. Step 2: Follow the Condo Project Review Type Requirements. Investment property loans Commercial & Residential Condo Hotel Loans. A&D Mortgage LLC is licensed by. (305) 697-7667. Condotel Unit buyers interested in getting qualified for Condotel Financing, please contact Gustan Cho Associates at 800-900-8569 or text us for a faster response. • Cash-out is allowed up to $3,000,000 with no seasoning required. Minimum loan amounts commonly fall in the range of $75,000 to $150,000 for most lenders. Otherwise, it is $30 p/d. Atlantic Beach currently faces one of the highest tax. Have a least one bedroom. Condotels at Surfmaster: Surf Master in Garden City beach, SC and hurricane Matthew - See 13 traveler reviews, 8 candid photos, and great deals for Condotels at Surfmaster at Tripadvisor. This FAQ document provides responses to common questions related to Fannie Mae’s project review methods and policies for determining project eligibility for mortgages secured by units in condo, co-op, and planned unit development (PUD) projects. Coral Beach Bldg. The. Compared to the rest of the country, SC has comparatively low property taxes, and social security benefits are exempt from taxation, offering attractive deductions on retirement income for residents. The condotel will be operated for 15 years. Condotel Financing. RE/MAX SOUTHERN SHORES NMB. By the way, if the condo you are purchasing is not a condotel, It’s still best to. If you are interested in a condotel purchase loan or a condotel refinance mortgage loan please contact us at Non-QM Mortgage Brokers at 800-900-8569 or text us for a faster response. 4999 Carolina Forest Blvd, Suite 12, Myrtle Beach, SC 29579. 212 reviews. Condotel and Non-Warrantable Condo Financing are 30 year adjustable rate mortgage portfolio loans. Learn more about local market trends & nearby amenities at realtor. Financing a condotel is different from financing a condominium, so it is important to work with a mortgage company that is experienced with condotel loans. Coral Beach is an award winning oceanfront resort with excellent rental income! This oceanfront one bedroom has. The units are located within a building that has the amenities of a hotel, including a front desk as well as a cleaning staff. 05:59. Full kitchen (kitchenettes are not allowed) Minimum loan size is $100,000 and the maximum loan size is $3 million. Many property. Condotel Financing Mortgage Guides Require 25% down zahlung, 680 FICO, 43% liabilities to income ratios for first and second condotel units. By Alison Gregor. Fidelity Home Group offers mortgages for warrantable, non-warrantable and condotel property types. He holds a Bachelor’s in Journalism and Mass Communications from the University of South Carolina. Gustan Cho Associates is one of a few lenders that offer condotel financing. These rentals, including the outside marketing of them, are handled directly by the management company. is an equal housing lender. large rooms 4 bedrooms all with bathrooms only negative very old appliances and no TV's in. Condotel Financing Now Available. Homebuyer’s Guide on What To Do After Getting Mortgage Denial After Conditional Approval Borrowers Guide. Your average annual premium will vary depending on your location, the coverage limits you select, and the deductible amount among other factors. ) § 47C-1-102. S. I understand that the cost for the Condo Questionnaire will vary according to the requested Condo/Condotel Development, generally this fee charged is between $150. Condotels at One Ocean Place: gorgeous penthouse - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. Established in 1985, Barefoot Rental Management provides residential property management services in Myrtle Beach as well as Surfside, Garden City, Murrells Inlet, North Myrtle Beach, Conway, Carolina Forest, and Little River. The loan to value is 97. Second-home financing requires a 10% down payment. (1985 (Reg. 788%. Other financing options, such as an FHA or VA loan,. Coral Beach Bldg. SOUTH CAROLINA CONDOS. Alpha Mortgage is licensed in North Carolina (L-113831), Virginia – Licensed by Virginia State Corporation Commission (MC-4927), South Carolina (#93265), Florida (MLD1700), Georgia (#93265), and licensed in Texas – SML Mortgage Banker Registration. As for home appreciation, values have increased 5. A “condotel” is a portmanteau of “condominium” and “hotel. “Below is a list of all of the buildings and condos that I have closed loans in recently that I know are already approved as true condos and meet all the. Building or project needs to be more than or equal to 50% for. 29577, Myrtle Beach, Horry County, SC. Condotel Mortgage Rates; Florida Condotel. Read more here: AllProperties Latest Blogs. There is no maximum loan size on Condotel Financing Mortgage Loans. A condotel essentially is a condo that can be rented either by the night, the week, the month or multiple months, and is similar to that of a resort as the building has a front desk where people can walk up to book or rent a unit. Pre-Sale Studio and 1 Bedroom Orlando Condo Hotel. Condotels at One Ocean Place: Great Stay - Garden City Realty Is Top Notch - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. 32 days on Zillow. $189,000 and up - Condo Hotel. Low-Down-Payment loans : FHA. 1 Baths. For Qualification, please review the following. There are also plenty of amenities and daily housekeeping. Condotels at One Ocean Place: Unit 203 beautiful view, horrible parking - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. Grand Strand Coastal Realty. Show all. The condotel must have at least 500 square feet of living area. Sea Mist Direct Oceanfront condo Efficiency. There are no in-state. Homeowners who own a personal residence, the new Condo-Hotel unit can be classified as a second home which requires 25% down payment. 60 days bank statements. - See traveler reviews, candid photos, and great deals for Condotels at Coldstream Cove at Tripadvisor. Gustan Cho Associates, empowered by NEXA Mortgage, LLC, is licensed in 48 states. Make sure that the management and. Condotel Financing Solutions: Unlock Your Dream Investment in Myrtle Beach. For most banks and financing groups, it can take over a week to consider and evaluate your application. 2br - 1100ft² - Condo for sale in Little River, South Carolina. com or visit us at No lender overlays. Purchase loan-to-values (LTV) (down payments) are identical for a primar residence. We now offer Condotel and Non-Warrantable Condo Financing which are portfolio loans with 25% down payment. Investment. 9% over the past year, and are expected to rise another 7. There was a time for the past three years that not a single mortgage lender would touch a Condotel unit. Navigating financing challenges in condotel investments requires creativity, diligence, and a thorough understanding of the market. 438. But what is a condominium hotel or condotel? A condo-hotel is a new trend in the Myrtle Beach condo market. Get ongoing access to funds with a home equity line of credit by itself or combined with a first mortgage. Skip the content. Stay in touch with us at 843-999-0575 or email directly to aaron@aaronmillerinsurance. Finance; Get Social. A perfect beach retreat, Heron Pond is a condo complex on the north end of Myrtle Beach and a short walk to the ocean. The team at Gustan Cho Associates is available 7 days a week,. Condo-Tel financing is available. South Carolina (SC) Coastal South Carolina ; Garden City Beach ; Garden City Beach Specialty Lodging ; Apartment Hotels in Garden City Beach ;. Need Condotel Financing in Aspen, Snowmass Village, Steamboat Springs, Telluride, Vail? We have condotel programs that allow: up to 75% financing on condo-tels to $2. Rock Hill, South Carolina 42 contributions 22 helpful votes. If you are considering investing in a condotel and wondering whether now is a good time, this is the best advice we can give those who are looking for a condotel mortgage in South Carolina. MORTGAGE CALCULATOR. Owner Financing available for qualified buyers. favorite_border 0. All you need is a credit check and either a down payment or refi equity. The minimum loan size is $100,000, and the maximum is $3,000,000. Beach is very clean, no trash, no seaweed even! Waves are crazy!! The undertow can be very strong, but there is a lifeguard from about 9-5 daily. Learn more about local market trends & nearby amenities at realtor. com. Here’s how to get your score: Complete the form below. HomeBridge announces more relaxed guidelines for CONDOTEL financing in South Carolina!Browse photos and listings for the 33 for sale by owner (FSBO) listings in Myrtle Beach SC and get in touch with a seller after filtering down to the perfect home. South Carolina; Horry County; North Myrtle Beach; Find a Home You'll Love. 7100 N Ocean Blvd #1126, Myrtle Beach, SC 29572. A condotel is a combination of a condominium and a hotel and is a unique type of property ownership. 8999. If you are interested in a condotel purchase loan or a condotel refinance mortgage loan please contact us at Non-QM Mortgage Brokers at 800-900-8569 or text us for a faster response. You can click on the button below or apply online; if you prefer to speak with one of our Mortgage Experts, we would be happy to speak with you at 888-259-2257. Barefoot Commons Branch. United States South Carolina Coastal South Carolina Garden City Beach. At Fidelity Home Group, we are Condotel Financing Florida mortgage experts! The Condotel also known as the Condo Hotel is quickly becoming popular in Florida as an investment opportunity. IN the new home financing landscape created in this recession, certain categories of high-rise development are apparently. Better rates available for 70 percent financing and less. Homebuyer loans that make your homebuying dreams a reality. (DSCR is always expressed as a decimal. Conway, South Carolina 590 contributions 307 helpful votes. 3D Tour. 843. Main Office: 1320 Airlie Road | Wilmington, NC 28403 910. Many banks and mortgage bankers used to finance condotels prior to the collapse and many condotel unit owners still have condotel financing loans with big banks such as Wells Fargo, Chase, Citibank, Bank of America, and other local, regional, and national banks at high-interest rates. Discover the perfect blend of real estate investment and luxury hospitality with our exclusive condotel offerings. Navigating financing challenges in condotel investments requires creativity, diligence, and a thorough understanding of the market. Full Doc, Alt Doc and DSCR. Condotel and Non-Warrantable Condo Financing are 30 year adjustable rate mortgage portfolio loans. Prequalify. 25% down payment requirements for primary as well as secondary homes. Elevated mortgage rates continue to make. 3 bed. The Gustan Cho Team has NON-QM Loans for self-employed borrowers. We specialize in Condo Loans Financing for Warranted Condo Loans, Non-Warranted Condo Loans, Condotel Condo Loans, Primary Condo Loans and DSCR investment Condo loans for long and short term rentals. Check NC real-estate inventory, browse property photos, and get listing information at realtor. What benefits do I get if I invest in a condotel? Quarterly dividends. If you need a Condo Hotel purchase mortgage loan or a Condo Hotel refinance mortgage loan, please contact us at Gustan Cho Associates at 1. We. Condotels at Surfmaster: Surfmaster- ROOM 412 is the BEST! - See 13 traveler reviews, 8 candid photos, and great deals for Condotels at Surfmaster at Tripadvisor. Zip Code. ) to find Myrtle Beach, SC apartments for sale according to your specific needs. On a case by case scenario, even if the rental income is claimed on the schedule E, the property can be classified as a second home. , Washington, DC 20410 Telephone: (202) 708-1112 TTY: (202) 708-1455Here are some popular mortgage options: FHA, VA, USDA, Conventional Loans with No Overlays | W2 Income Only Mortgages | Manufactured Homes | Manual Underwriting | Mortgages Down To 500 FICO | FHA 203k Loans | Down Payment Assistance | ITIN and DACA | No Ratio Loans | 1099 Only Mortgages | Non-QM Jumbo Loans | 90% LTV. With so much to see and do in Myrtle Beach, you’re sure to have a memorable vacation. Our company can help you find private lenders to meet all your funding needs. The down payment requirements are significantly lower on second home financing versus conventional investment home financing. APPLY NOW. Condotel is a mixed term that combines “condominium” and “hotel. Florida Condo Mortgage, Florida Condo Mortgage Rates, Non-Warrantable Condo Mortgage, Condotel Mortgage Financing, Florida Condo Loans. Use our mortgage calculator to see how much it would be to finance a home in Myrtle Beach. The loan to value is 97. Borrowers can also email me at gcho@gustancho. Sooner than you think, you could be the owner of a beautiful condotel unit in Miami!Get the scoop on the 159 condos for sale in Charleston, SC. Short title. Financing and finding a South Carolina vacation home loan is much different that financing a primary residence. Condotel financing was totally unheard of. Call ☎ (800) 697-4371Myrtle Beach condotel financing guidelines made easy Our flexible options and expert guidance ensure a seamless experience. A condotel essentially is a condo that can be rented either by the night, the week, the month or multiple months, and is similar to that of a resort as the building has a front desk where people can walk up to book or rent a unit. 604 N 27th Ave, Myrtle Beach, SC 29579. These could have serious impacts on getting loans in South Carolina, especially in coastal beach towns like Myrtle Beach where highrise oceanfront condos are so integral to their economy. 2507 S Ocean 1/13 Blvd Unit 905. CENTURY 21 Real Estate › South Carolina › Myrtle Beach Homes for Sale › Myrtle Beach Condos for Sale. 100% online, 100% easy, 100% safe. )We can be contacted several ways to help answer any questions you may have: Call us at toll free at 888 259 2257. Senior homeowners may qualify for a homestead exemption that allows the first $50,000. Some lenders may go as low as $55,000. Condotel Financing Guidelines. 75% of a refinance mortgage on a manufactured home. HomeBridge announces more relaxed guidelines for CONDOTEL financing in South Carolina!In response to the June 2021 collapse of an oceanfront tower near Miami, mortgage giants Fannie Mae and Freddie Mac are rolling out new rules covering condo loans – and. Condotel Unit buyers interested in getting qualified for Condotel Financing, please contact Gustan Cho Associates at 800-900-8569 or text us for a faster response. com. Condotels are condominium units situated within a condo hotel. COMMERCIAL. 40% down payment, or 60% loan to value is required if. Rental Income. Dec. 1,210 sqft. 575 or greater credit scores. A Condo-Hotel, also known as a Condotel, can be a great investment for those who are looking for vacation second homes; Investment condotel units are also gaining popularity due to the. Flood Insurance Coverage Calculator. 5% down payment for a home purchase. Up to 75% LTV on bridge loan loan amounts between $1,000,000 to $1,500,000. Fannie Mae Lender Letter (LL-2021-14) specifically states that new guidelines are necessary to combat aging infrastructure and significant deferred maintenance in condominiums in the wake of. State. The price tag for a vacation home in a popular resort area can be astronomical. The units are […] Project Standards Requirements - Condotels. 91% for a 30-year fixed mortgage and 7. Visit Learn About Project Standards to see. Stretching 60-miles along South Carolina’s coast from Little River to Georgetown is the Grand Strand. § 47C-1-101. When a project as a whole, functions more like a vacation rental resort, the building is ineligible for. 3763 Sweetgum St Unit 3763, Myrtle Beach, SC Details ». recent paycheck stubs. 5 million. Max Loan $4M. You can email us at gcho@gustancho. (843) 903-3550. No Need For Traditional Condotel Financing Hassles! Direct Oceanfront Full 1 bdrm, 2 Queen Beds Plus Murphy bed-Full Kitchen!! Coral. Investment home financing on a single-family home requires a 15% down payment. $242,900. At times in 2022 and 2023. 10 or more units, up to 10% may be FHA-Insured. 116 South River Road, Unit D-6A Bedford, NH 03110 Phone: 603. Condotels are condominium projects, which are individually owned and operated as a hotel. We are available 7 days a week: evenings, weekends, holidays as well. 5 miles from Condotels Golf Colony Resort. 169 reviews. FHA, VA, and USDA loan programs do not have second home financing programs. It’s a type of living space similar to an apartment, but can be sold separately. Orlando’s newest condo hotel is minutes from Disney’s theme parks and numerous other attractions. Reviewed August 20, 2018. Unlike Fannie Mae and Freddie Mac, Condotel, and. Answer 1 of 3: Business travelers, looking for recommendations for good hotel or condotel for extended stay for worker in Columbia, SC near BCBS / I-20 for 1 to 3 months stay, perhaps longer. Get a quote Or, call 1-855-347-3939. Buying this sort of property is close to buying a traditional condo. For more information, contact Oren at (312) 867-5363 x206 or by email at oorkin@capfundmtg. Various Condotel Projects are popping up in Destin, South Beach, Panama City Beach, Palm Beach and Miami. One Ocean Place. - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. Today we explore the World of Condotel Financing and discover the benefits and drawbacks to consider. A condo hotel, also known as a condotel, hotel condo, or a contel, is a building that is legally a condominium but operated as a hotel, offering short-term rentals, and which maintains a front desk. Education: must complete a commission approved 30 hour course in property management fundamentals. 991 38th ave n, myrtle beach, sc, 29577. Choose an in-demand location. Call ☎ (800) 697-4371Condotels at One Ocean Place: Beautiful Place ! - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. Learn about condotel financing mortgage guidelines, the condo hotel concept, and the best condotel mortgage lenders. The minimum down payment is 3. No Need For Traditional Condotel Financing Hassles! Direct Oceanfront Full 1 bdrm, 2 Queen Beds Plus Murphy. Currently, the condotel purchase market in South Beach, Panama. Condotel Financing Program Features Offering conventional and portfolio loan options Available for second home and investment properties Team of condotel specialists that. . You now are aware of some of the advantages and drawbacks of investing in a condotel. Home Spring Mortgage is the the largest non-qm (non-qualified) mortgage lender in South Carolina, providing diverse mortgage loan options for borrowers to achieve their dream of homeownership. C. Long-Term Fixed or ARM Rates. Rates typically run a half-percent. Restaurants near Condotels at One Ocean Place, Garden City Beach on Tripadvisor: Find traveler reviews and candid photos of dining near Condotels at One Ocean Place in Garden City Beach, South Carolina. It refers to a type of property that combines elements of both condominiums and hotels. Condotels at Surfmaster: Awesome Beach Vacation! - See 13 traveler reviews, 8 candid photos, and great deals for Condotels at Surfmaster at Tripadvisor. SECTION 27-31-60. A condotel is just what it sounds like—a cross between a condominium and a hotel. 1,700 sqft. Top 10 Most Affordable Cities in South Carolina Jul 24, 2023 6. 926. com (800) 697-4371 facebookCondotel financing in Miami is one of our specialties here at Lending Bankers Mortgage. Subscribe now. We offer 3/1 ARM, 5/1 ARM, and 7/1 ARM Condo Hotel Mortgage Loan Programs, amortized over 30 years. At Fidelity Home Group, we are Condotel Financing Florida mortgage experts! The Condotel also known as the Condo Hotel is quickly becoming popular in Florida as an investment opportunity. 201 S Ocean Blvd #905, Myrtle Beach, SC 29577. This ground level 2-bedroom condo is located in the popular Seagate Village. Investment properties are eligible for the Condotel program. A: I do not support the development of the 21-story condotel. Owners used as 2nd home. 256. 2 bath. ; PBX phone system; high-level guest services such as 24. 1 bathrooms-19 days ago Homefinder. Jerry Pinkas Real Estate Experts, Inc . Explore our range of condotel financing solutions designed to simplify your investment journey Flexible Condo Hotel Loans. 5% down payment for a home purchase. Not many traditional lenders will allow condotel mortgages due to their increased risk. As an example, a lender would offer 80% LTV (loan to value) up to a $350,000 loan; 70% LTV up to a $650,000 loan amount; and 50% LTV up to $1 million loan amount. Condo for Sale in North Carolina, NC: Discover convenient living in this 2-story, end unit condo in the Riviera community of Ballantyne, just moments from the South Carolina border. C. Get Started. NMLS #5645 These programs are available to only qualified borrowSouth Carolina property manager licensing requirements include: Age: must be at least 18 to be a property manager, and 21 to be a property manager in charge. A condohotel, or a condo hotel as it is also called, is a unique type of residential and rental property. 4 bds. Condotel Financing Guidelines. Condotels at One Ocean Place: One Ocean Place One Fantastic Place - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. 2 bath. Main Office: 1320 Airlie Road | Wilmington, NC 28403 910. The difference in financing condominiums compared to single family homes is that lenders have to get the property approved in addition to merely approving the borrower. The price per square foot is about $126. South Carolina (SC) Coastal South Carolina ; Garden City Beach ; Garden City Beach Specialty Lodging ; Apartment Hotels in Garden City Beach ;. Since we are private lenders, you will notice that terms and conditions. 2 Baths. W. APPLY NOW. It is rare for banks and residential lenders to have the ability to offer this type of financing. Visit hotel website. Any apartment may be held and owned by more than one person as tenants in common or in any other real estate tenancy relationship recognized under the laws of this State. What Are the Mortgage Guidelines And Requirements For Condotel Financing? Capital Lending Network, Inc. Please call us at (786) 220-1100 or email [email protected] loan: A traditional fixed-rate or adjustable-rate mortgage (ARM) with assigned monthly payments and term periods. Since DSCR equals income divided by payment ($1,500/$1,000=1. Text us for a faster response. Now you can offer borrowers financing for their condotels – all with the program options and service levels that you’ve come to expect from LendSure. A condotel owner purchases a unit within the property and uses it as a second home or vacation spot. Unfortunately, your hometown lender is not going to have such a program but the lenders on our list will. However, to be able to find a lender who offers you a loan for building a condotel, you need expert supervision from Commercial Real Estate Loan Pros of Key West. $590,000. This condo comes fully furnished and offers fantastic upgrades throughout. $379,500. Angle oceanfront units are approximately $89,000 for one bedroom with a kitchen and a living room. info. Owner Financing - Myrtle Beach, SC Home for Sale. Listing courtesy of Listing Agent: Michele Blase () from Listing Office: Realty ONE Group Dockside.