Address: 1990 N Waccamaw Drive. Identify clients with a FICO score of 700 or higher who are seeking Non-QM financing options. C. For those who need condotel financing, please contact us at Gustan Cho Associates at 262-878-1965 or text me on my cell for faster response at 800-900-8569. Myrtle Beach, South Carolina, United States I've lived in the Myrtle Beach area for over 30 years and raised 3 daughters here who are natives. Condotels at Coldstream Cove: This is an adult residential neighborhood with a few rental properties that are not welcomed. 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. Projects that have no other condotel characteristics, but which permit unit owners to offer short-term rentals on a seasonal basis while they reside in the units. Fannie Mae Updated Condominium Lending Guidelines. Fidelity Home Group offers mortgages for warrantable, non-warrantable and condotel property types. Long-Term Fixed or ARM Rates. 926. Full Doc, Alt Doc and DSCR. Listed By Owner, douglas fournier. Learn what factors lenders consider in underwriting a loan on a condo hotel unit. When a project as a whole, functions more like a vacation rental resort, the building is ineligible for. It offers short-term rentals for occupants, and it also maintains a front desk. Available financing for vacation and 2nd homes up to 85% loan to value to $3,000,000. Atlantic Beach currently faces one of the highest tax rates in Horry County. 2 bath. – LendSure will calculate the income for you and provide an extensive, common-sense pre-qual within 24 hours. If you need a Condo Hotel purchase mortgage loan or a Condo Hotel refinance mortgage loan, please contact us at Gustan Cho Associates at 1-800-900-8569. Type Full Name Below: *. NMLS #5645 ǀ AZ Lender #BK-0906866 #MLB5645 On Q Financial, Inc. On January 1, 2022, the updated Fannie Mae condominium lending guidelines went into effect. Hopefully, now you understand why your regime fees will easily be $400 to $1500 a month (depending on what condo development) you own. At times in 2022 and 2023. (866) 803-2853. Report. Generally speaking, only lenders with in-house programs designed for condotels can finance condotels. This ground level 2-bedroom condo is located. Get started with a free quote today. Featured. Friday, November 24, 2023. He holds a Bachelor’s in Journalism and Mass Communications from the University of South Carolina. 256. Here are the highlights of our Condotel program: Borrowers must have a minimum credit score of 680. 1 Beds. Condo For Sale In Myrtle Beach, South Carolina. At Acorn, let the best loan offer find you on our secure and user-friendly platform. com. 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. Borrowers can also email us at gcho@gustancho. Condotel Units, also known as Condo-Hotel, have been very popular from the mid-1990s until 2008, when the real estate and financial markets. Gustan Cho and his team of loan officers are licensed in multiple states. We consider loan-to-value ratios of up to 65%. Prequalify. com to schedule your consultation. Get a condo insurance quote online or call for advice. View property. Toll Free: 1-888-667-1772. At around $200 to $240 per square foot, it is about 57% as expensive to build a barndominium compared to a regular 2×4 framed home. But it is a problem I almost guarantee you'll run across if you're financing a. A condotel owner purchases a unit within the property and uses it as a second home or vacation spot. The team at Gustan Cho Associates are specialists in condotel financing in Florida and California as well. 5511 North Ocean Blvd #501, Myrtle Beach, SC 29577. Warrantable condos are one that a homebuyer can finance using a conventional mortgage, after having been approved under a set of guidelines set by government-sponsored enterprises Fannie Mae and. Discover the perfect blend of real estate investment and luxury hospitality with our exclusive condotel offerings. California home buyers with credit scores as low as 580 FICO can now qualify for California home loan with bad credit. Buying this sort of property is close to buying a traditional condo. 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. 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. More Details. There is no maximum loan size on Condotel Financing Mortgage Loans. large rooms 4 bedrooms all with bathrooms only negative very old appliances and no TV's in. Call ☎ (800) 697-4371Myrtle Beach condotel financing guidelines made easy Our flexible options and expert guidance ensure a seamless experience. This is a unique option because rather than selling the loan to Fannie Mae, we fund and service the loan, meaning you will receive your monthly mortgage statement from us, and make payments to us. Condo Hotels are very popular in the state of Florida. 4 Beds 2. ”. The minimum loan size for both condotel and non-warrantable financing is $100,000. Qualification based on Property Income, Not Your Income. Step 1: Determine a Condo Project Review Type. Condotel financing is back. Fannie Mae Updated Condominium Lending Guidelines. South Carolina 864. Condominiums are usually divided. No appointments necessary. Caravelle is an Oceanfront Condo Complex in Myrtle Beach, SC. $242,900. com. Generally speaking, only lenders with in-house programs designed for condotels can finance condotels. Condotels at One Ocean Place: Fabulous Holiday - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. Condotel and Non-Warrantable Condo Financing. SECTION 27-50-10. (a) This Chapter applies to all condominiums created within this State after October 1, 1986. Minimum Credit Score: 575. Brokered by Dunes Real Estate. Financing for new and used vehicles. 9 West Rock Lane Irmo, SC 29063. Address Line 1. Short title. North Myrtle Beach, SC 29582. In this second part of our blog series on condominiums and condotel financing, we will explore the advantages of condotel investments and provide insights into how mortgage brokers can assist clients in unlocking the full potential of this unique property type. 1105 S Ocean Blvd. During the pandemic, rates on 30-year fixed mortgages fell below 3 percent. Submit your clients' mortgage applications through our secure online platform. One Ocean Place is an oceanfront complex comprised of two-to. • Cash-out is allowed up to $3,000,000 with no seasoning required. Learn more. Currently, the condotel purchase market in South Beach, Panama. Condotels at One Ocean Place: DONT STAY HERE - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. are experts in condotel financing and originating non. Condotels; Project Reviews; PERS Submissions . Top 10 Most Affordable Cities in South Carolina Jul 24, 2023This BLOG On Florida Condotel Purchase Loans Was UPDATED On October 29th, 2018. Located at 1105 South Ocean Boulevard in Myrtle Beach South Carolina, Coral Beach offers easy access to all the major attractions in the area. Up to 103 LPC Non-Owner Occupied. favorite_border 0. A condotel is a combination of a condominium and a hotel and is a unique type of property ownership. Condotels are typically multi-unit properties. Get ongoing access to funds with a home equity line of credit by itself or combined with a first mortgage. Condotels at One Ocean Place: Please Update - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. Up to 75% LTV on bridge loan loan amounts between $1,000,000 to $1,500,000. 75% of a refinance mortgage on a manufactured home. SOUTH CAROLINA CONDOS. No Need For Traditional Condotel Financing Hassles! Direct Oceanfront Full 1 bdrm, 2 Queen Beds Plus Murphy. Matthews, North Carolina (704) 858-3884; Posted Mar 9 2015,. 1696 Fax: 603. If you have any questions on second home mortgage loans please contact us at 800-900-8569 or text us for a faster response. There are, however, a few external. Conducting due diligence on lenders and maintaining open lines. Condotel Financing Programs. (2) "Disclosure statement" means a residential property condition disclosure statement written on a form as required by this article and as promulgated by regulations of the commission. 18, 2009. The list includes American Financial Network, CCNB, Movement Mortgage, Edge Home Finance, Ameris Bank, Conway National Bank, Guild Mortgage Company, Homebridge Mortgage, Neighborhood Loans, New Wave Lending and Union Home Mortgage. Flood Insurance Coverage Calculator. Are you purchasing a condotel and struggling. 1625 S Ocean Blvd Unit 1802. Condotels at Surfmaster: Awesome Beach Vacation! - See 13 traveler reviews, 8 candid photos, and great deals for Condotels at Surfmaster at Tripadvisor. Destin Florida Condo Financing. 1040 South Federal Highway, Hollywood, FL 33020 1-855-ADLOANS (1-855-235-6267). Over 75% of the borrowers of Gustan Cho Associates (Gustan Cho Associates) are folks who could not qualify at other lenders due. 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. Condotel Financing Debt Guidelines Require 25% down bezahlen, 680 FICO, 43% debt the earned ratios for first and second condotel units. Industry-leading Bank Statement Program. 7100 N Ocean Blvd #1126, Myrtle Beach, SC 29572. 843-839-9870Condotels at Surfmaster: Surfmaster Unit #1010 - See 13 traveler reviews, 8 candid photos, and great deals for Condotels at Surfmaster at Tripadvisor. As for home appreciation, values have increased 5. The rates and monthly payments shown are based on a loan amount of $464,000 and a down payment of at least 25%. 1% in 2019. (866) 803-2853. City. It is similar to a hotel in that many times the building actually looks like a hotel, but each individual unit is. Gustan Cho NMLS 873293 is the National Managing Director of NEXA Mortgage, LLC dba as Gustan Cho Associates NMLS 1657322. SEARCH OUR SITE. South Carolina 864. Was approved for $80k to purchase a beach rental property to come and find out that the loan cannot be used to finance a condotel. The team at GCA Mortgage Group are experts in helping borrowers finance non-QM loans. Step 1: Determine a Condo Project Review Type. DSCR = Income / Payment. Condotel Mortgage / Condo-Tel Financing / Condops A condominium project that is operated as a hotel with a registration desk, cleaning service and more. South Carolina (SC) Coastal South Carolina ; Garden City Beach ; Garden City Beach Specialty Lodging ; Apartment Hotels in Garden City Beach ; Condotels at Surfmaster;Condo Listings for Rent. Fannie Mae permits the financing of a single or multiple parking space(s) with the mortgage, provided that the parking space(s) and residential unit are included on one deed as evidenced by the legal description in the mortgage. $590,000. 75% of a refinance mortgage on a manufactured home. . 3763 Sweetgum St Unit 3763, Myrtle Beach, SC Details ». Most of the Myrtle Beach oceanfront high rises are condotels. Financing condominiums in Myrtle Beach can be a very tricky process. Property owners kept from operating a short-term rental would only be subject to the 4 percent property tax rate for a primary residence, even if the property was used as a second home or long. Average home values in the state are currently about $158,900. Condotels at Surfmaster, Garden City Beach: See 13 traveler reviews, 8 candid photos, and great deals for Condotels at Surfmaster, ranked #5 of 10 specialty lodging in Garden City Beach and rated 4. 21, 2006 - PRLog-- Existing Lancaster Tower I unit owners in Metro Manila, Philippines, whom are currently availing of Pacific Concord Properties’ in-house financing for Lancaster Suites Condotels have the option to pay off their units in 144 months. What is a Condotel? A condotel (also known as a hotel condo) is a residence unit that is legally classified as a condominium but is located inside a hotel and operated in the same way. The simple answer is Yes! Especially now that prices are right in Myrtle Beach. Max Loan $4M. , 1986), c. Discover if investing in condotels in the Philippines aligns with your investment goals. Great Myrtle Beach Oceanfront Location on South Ocean Blvd. Re-Blog. You now are aware of some of the advantages and drawbacks of investing in a condotel. As an investment owner, you are not a primary resident. The units are located within a building that has the amenities of a hotel, including a front desk as well as a cleaning staff. 2318867 MLS. We’ll point out important items to help you understand what’s on your credit profile. Financing for Condotels in Hoboken, NJ – Serving California, Colorado, Connecticut, Florida, Georgia, Illinois, Maryland, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, and Washington D. 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. CONDOTEL FINANCING No State Limitations $100,000 - $1,250,000 Loan amount depending on the program Starting at 680 FICO 70% CLTV Purchase, Rate-Term 65% CLTV Cash-Out Highlights:Book Condotels at One Ocean Place, Garden City Beach on Tripadvisor: See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place, ranked #2 of 10 specialty lodging in Garden City Beach and rated 4 of 5 at Tripadvisor. Industry-leading Bank Statement Program. Visit hotel website. Rental Income. With an automated approval renders an automated approval after analyzing the following documents: two years of tax returns. Second-home financing requires a 10% down payment. Print . Coral Beach is an award winning oceanfront resort with excellent rental income! This oceanfront one bedroom has. We would love to have a chance to connect you to a condotel loan which can serve your needs. View property. 0. A “condotel” is a portmanteau of “condominium” and “hotel. Here are the highlights of our Condotel program: Borrowers must have a minimum credit score of 680. City. 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. By Alison Gregor. The manufactured home financing requirements need to be built on a solid concrete foundation. 1. Condotels at One Ocean Place: Very nice condo building. Here are some additional details about Ocean Blue Resort: The resort has 12 floors and 120 units. Pawleys Island,. 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. is an equal housing lender. 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. Homeowners who own a personal residence, the new Condo-Hotel unit can be classified as a second home which requires 25% down payment. South Carolina Condo Hotel Financing. No Income Verification, No Tax Returns. It’s complicated (but we can make it easy for you). Condo Hotels are very popular in the state of Florida. Two bedrooms, two baths, a pull-out couch in a large living room, a full kitchen, large balcony facing the beach, several ceiling fans, and three televisions truly made this a luxury lining place for. Documentation: Qualify with either a traditional full doc loan or a limited document bank statement-only loan. Condotels Golf Colony Resort, Myrtle Beach: See traveler reviews, candid photos, and great deals for Condotels Golf Colony Resort, ranked #36 of 99 specialty lodging in Myrtle Beach and rated 3 of 5 at Tripadvisor. Stay tuned for more insights and knowledge on condotel financing! Let's Talk Mortgage 1,778 follower + Subscribe. Full Doc, Alt Doc and DSCR. We offer a range of financing solutions for condominiums, so you can find the mortgage you want – minus the hassles and stress you don’t. There are also plenty of amenities and daily housekeeping. 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. The Villas at Old South condos for sale range in square footage from around 1,000 square feet to over 1,400 square feet and in price from approximately $269,000 to $330,000. Listed is all The. Better rates available for 70 percent financing and less. I found Condotel Financing at competitive rates Types of Mortgages Available Principle & Interest Mortgage Options 30 yr 3/3 ARM @ up to 75% LTV (Lock for 3 Yrs. Apply Now and Get a Quote Today! Get more details. Minimum down payment of 15%. You Are Trusting Us With Getting Your Commercial Loan Closed, We Return Your Faith and Trust Back By Being Available 365 Days a Year. At times in 2022 and 2023. The minimum loan amount for DSCR Loans is going to vary by lender. Qualification based on Property Income, Not Your Income. Our experts can help you with the premier mortgage. - See 13 traveler reviews, 8 candid photos, and great deals for Condotels at Surfmaster at Tripadvisor. CONDOTEL. Meredith, NH Office. Jumbo Mortgages/Adjustable Rate Loans. Navigating financing challenges in condotel investments requires creativity, diligence, and a thorough understanding of the market. 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. Call ☎ (800) 697-4371Condotels at Surfmaster: Surfmaster by the sea 809 - See 13 traveler reviews, 8 candid photos, and great deals for Condotels at Surfmaster at Tripadvisor. After 15 years, the unit owners will have the option to individually lease it to others or live in it. It is considered real estate. RE/MAX SOUTHERN SHORES NMB. If you have a property you are looking to purchase, or need investment advice to find a good investment, call us now at 866-500-4500, or fill out our request funding form and a loan specialist will contact you within 1 business day. Real Estate Investors and homebuyers can also subscribe to our newsletter at 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. View Hotel. No minimum square feet. California home buyers with credit scores as low as 580 FICO can now qualify for California home loan with bad credit. Stay in touch with us at 843-999-0575 or email directly to aaron@aaronmillerinsurance. It’s a type of living space similar to an apartment, but can be sold separately. com. The major difference between a condo and a condotel is that short term, nightly rentals are available in the latter. For Qualification, please review the following. Borrowers can also email me at gcho@gustancho. This rented condominium is situated on the Garden City Beach. Make sure that the management and. You can potentially have quite a bit of money left over for the things that make a house comfortable and specific to your vision. 3 bed. Coral Beach. We now offer Condotel and Non-Warrantable Condo Financing which are portfolio loans with 25% down payment. Condotel loans are a specific type of mortgage loan for condotel units, which are a mixture of a condo and a hotel. The condotel unit needs to be at least 500 square feet. S Unit 816, Myrtle Beach — Coral Beach $170,000. Wow! I did. Condo hotel mortgage loans also known as condotel and financing is offered aby portfolio lenders with 25% down payment on owner occupant. Rock Hill, South Carolina 42 contributions 22 helpful votes. Oceanfront condominium guide for Florida, South Carolina, and North Carolina cities. South Carolina and the Greater Myrtle Beach area. St. Deferred payments to start. 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. , A151 Myrtle Beach SC 29575 Listed By CENTURY 21 The Harrelson Group. second year in a row here !!! The owners of this Condo 702 have went overboard to make your stay enjoyable and better than your own home. A 25% down payment is required on condotel second homes. 1 bed. Florida Condo Mortgage, Florida Condo Mortgage Rates, Non-Warrantable Condo Mortgage, Condotel Mortgage Financing, Florida Condo Loans. Minimum loan amounts commonly fall in the range of $75,000 to $150,000 for most lenders. We can offer both warrantable and non-warrantable condo financing. Or email [email protected] Mortgage Condo loans. Condotel loans are. Conway, South Carolina 590 contributions 307 helpful votes. Reed is the Principal of Myers Capital, a twenty-year old mortgage lending company located in downtown Honolulu, Hawaii and Greenville, South Carolina. Note: Easy Street Capital’s current minimum loan amount is $75,000 for a DSCR Loan. North Myrtle Beach, SC 29582. Condotels are typically high-rise buildings which are developed and operated as a luxury hotel and are usually found in major resorts and cities. Each condotel is a part of a large-scale property that operates similar to a. 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. Title Options: Hold Title as an individual, in a trust, or an LLC. Or email us at gcho@gustancho. 1,700 sqft. By the way, if the condo you are purchasing is not a condotel, It’s still best to. 1,039 Myrtle Beach SC Condos for Sale. Master bedroom has 2 closets. 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. Las Vegas-based The Siegel Group, a real estate investment and management firm, is the new owner of a 191-room hotel off of Orange Blossom Trail just north of Florida. financing on the most prestige's Condo-Hotel projects in South Florida. We will send you a secure online payment form to complete upon acceptance. Okay. A condo is also known as a condominium. 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. FHA loan limits in many parts of California is $679,650. Step 3: Confirm the Condo Project Insurance Requirements. 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. 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. 1,210 sqft. Address Line 2. Check NC real-estate inventory, browse property photos, and get listing information at realtor. 991 38th ave n, myrtle beach, sc, 29577. 5. 207 28th Ave N #25, North Myrtle Beach, SC 29582. 32 days on Zillow. Elevated mortgage rates continue to make. 1 bedrooms. Purchase loan-to-values (LTV) (down payments) are identical for a primar residence. The condotel will be operated for 15 years. At Lending Bankers. 00. Gustan Cho Associates is one of a few lenders that offer condotel financing. A condotel is a. Condotel unit buyers do not own a home and rent and are purchasing the Condotel and that Condotel is the only property that can have it classified as an owner. ; PBX phone system; high-level guest services such as 24. Condotel Financing Solutions: Unlock Your Dream Investment in Myrtle Beach. Alabaster, Shelby County, AL . Homebuyer’s Guide on What To Do After Getting Mortgage Denial After Conditional Approval Borrowers Guide. One Ocean Place. 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. Atlantic Beach currently faces one of the highest tax. All you need is a credit check and either a down payment or refi equity. The team at Gustan Cho Associates is available 7 days a week, on evenings, weekends, and holidays. All of these amenities are managed and operated directly by the complex — usually a reputable hotel chain. South Carolina (SC) Coastal South Carolina ; Garden City Beach ; Garden City Beach Specialty Lodging ; Apartment Hotels in Garden City Beach ;. Homes are listed on the market for around $244,990, and are closing for about $173,400. $379,500. South Carolina Beachfront Condos & Villas For Sale listings have an average sales price of $342,818 ranging in price from $24,000 to $1,599,000. 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. (305) 697-7667. - Condo for sale. In Part 2 of our blog series on condominiums and condotel financing, we explored the exciting investment potential of condotels. Each condotel is a part of a large-scale property that operates similar to a hotel, with a wide range of amenities and resort-style features. Reed has been profiled in and written articles featured in. The median price for homes in South Carolina varies dramatically from one county to the next. Various Condotel Projects are popping up in Destin, South Beach, Panama City Beach, Palm Beach and Miami. Home; About Us. South Carolina Beachfront Real Estate For Sale currently has ninety (90) for sale on MLS. For Sale. com. There was a time for the past three years that not a single mortgage lender would touch a Condotel unit. Program Details for Condotel Financing. Book Condotels at One Ocean Place, Garden City Beach on Tripadvisor: See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place, ranked #2 of 10 specialty lodging in Garden City Beach and rated 4 of 5 at Tripadvisor. Skip the content. to. Is This Your Tripadvisor. Investment property loans Commercial & Residential Condo Hotel Loans. Homes are listed on the market for around $244,990, and are closing for about $173,400. 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. 2 Beds. Today we explore the World of Condotel Financing and discover the benefits and drawbacks to consider. com. Finance; Get Social. 604 N 27th Ave, Myrtle Beach, SC 29579. Call ☎ (800) 697-4371 info@afbcarolinas. CONDO FINANCING. It is similar to a hotel in that many times the building actually looks like a hotel, but each individual unit is. Contact Gustan Cho Associates at 800-900-8569 or text for faster response. (843) 628-3604. North Myrtle Beach, SC 29582. 1,000 Sq Ft. When your ready to get started on our foreign national loan, we are experts to guide you through the entire process, the first step is getting you pre-approved. Highlights of our non-warrantable condo loan offering include: Purchase or Refinance; High loan-to-value (LTV) financing and loan limits; Choose between fixed and adjustable rate options; Flexible. The condotel must have at least 500 square feet of living area. 5), this property has a DSCR of 1. (DSCR is always expressed as a decimal. If you are staying at a resort, you pay $20 per day. Not ready to buy yet?Join us for an in-depth webinar where we will delve into the world of condominium and condotel financing. 2 BDS | 2 BA | 1,100 SQFT. Warrantable condos are one that a homebuyer can finance using a conventional mortgage, after having been approved under a set of guidelines set by government-sponsored enterprises Fannie Mae and Freddie Mac. Learn More. Learn more about how these rates, APRs and monthly payments are calculated. Home Spring is aware of the increased risk, but as with most of our non-traditional loans, we are willing to give people a little more leeway and assume higher risk to help people realize their dream of owning a second property. Condotel financing was totally unheard of. 1,210 sqft.