Ripley's Aquarium of Myrtle Beach. In comes what we call our portfolio option for condotel financing. 1 bed. SOUTHERN COAST INSURANCE GROUP INC 4420 Oleander Dr Ste 104 Myrtle Beach, SC 29577 Get Map Phone: 843-839-5076 Fax: 843-353-0785 Contact UsProject Standards Requirements - Condotels. It was a nice room close to the pool with a. Located at 1105 South Ocean Boulevard in Myrtle Beach South Carolina, Coral Beach offers easy access to all the major attractions in the area. Stay tuned for more insights and knowledge on condotel financing! Let's Talk Mortgage 1,778 follower + Subscribe. Purchase, Rate Term and Cash-Out Refinance options available. Get your loan solution in 30 minutes! Choose a program, calculate, or get your personal offer! Programs Loan Calculator Scenario Request Condominiums, often. (866) 803-2853. com. 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. Program Details for Condotel Financing. 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. 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. Max Loan $4M. 1 Beds. Known for an endless array of restaurants, shopping, entertainment, and miles of sandy beaches, the Grand Strand is a major tourist destination with more than 14 million visitors flocking to Myrtle Beach, its primary city, each year. com®. Second-home financing requires a 10% down payment. The median price for homes in South Carolina varies dramatically from one county to the next. Condotels are condominium projects, which are individually owned and operated as a hotel. 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. A law degree or B. North Myrtle Beach, SC 29582. 5), this property has a DSCR of 1. 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. Condotel And Non-Warrantable Condominium Mortgage Underwriting Process. Available financing for vacation and 2nd homes up to 85% loan to value to $3,000,000. NMLS ID #958660. com. Find the perfect building to live in by filtering to your preferences. com. Brilliantly located by the pristine. Owner Financing available for qualified buyers. USDA. Or email us at gcho@gustancho. Industry-leading Bank Statement Program. Share: 19 Properties in Myrtle Beach from $119,000. Hopefully, now you understand why your regime fees will easily be $400 to $1500 a month (depending on what condo development) you own. View property. Get a condo insurance quote online or call for advice. The units are located within a building that has the amenities of a hotel, including a front desk as well as a cleaning staff. com so that we can make sure your policy is always working for you! Wondering if you need condo insurance in Myrtle Beach? Here's everything you need to know about this type of coverage, what it covers and how much it costs. 15% for a 15-year fixed mortgage. 741 sq ft. Meredith, NH Office. Brokered by Better Homes and Gardens Real Estate Elliott Coastal Living. Non-Warrantable Condo and Co-Op financing for. Visit Learn About Project Standards to see. 32 days on Zillow. Homes are listed on the market for around $244,990, and are closing for about $173,400. Condotel unit buyers and commercial real estate investors who have any questions on Condotel Financing and/or commercial loans, please contact us at 800-900-8569 or text us for a faster response. We consider loan-to-value ratios of up to 65%. Condotel Financing Program Features Offering conventional and portfolio loan options Available for second home and investment properties Team of condotel specialists that. 2318867 MLS. 2001 S Ocean Blvd #1304, Myrtle Beach, SC 29577. Condotel Financing. Up to 65% LTV on bridge loan for amounts between $1,500,000 to $2,000,000. Condotels are classified as non-warrantable condos. How it works: LendSure’s Bridge Financing Program pays off the existing lien while providing the cash out needed for down payment on the new home. Condo and condotel financing list. 91% for a 30-year fixed mortgage and 7. We can offer both warrantable and non-warrantable condo financing. on 47 acres between 29th and 32nd avenues south,. To qualify for condominium mortgage loans, please contact us at Gustan Cho Associates Mortgage Group at 800-900-8569 or text us for a faster response. More Details. Balloon payment due in 6 months with. Identify clients with a FICO score of 700 or higher who are seeking Non-QM financing options. The team at GCA Mortgage Group are experts in helping borrowers finance non-QM loans. The beaches are buzzing with locals and vacationers alike eager to soak up the warm South Carolina rays, the boardwalk is alive and action-packed, and the delicious restaurants and overflowing with hungry patrons. Pirates Voyage. com to schedule your consultation. There are, however, a few external. 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) "Commission" means the South Carolina Real Estate Commission. Condotels are condominium projects, which are individually owned and operated as a hotel. South Carolina and the Greater Myrtle Beach area. 40% down payment on investment condotel. Nationwide Mortgage & Realty, LLC. 2023. We’ll point out important items to help you understand what’s on your credit profile. Spartanburg, South Carolina 27 contributions 12 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. Main Office: 1320 Airlie Road | Wilmington, NC 28403 910. info. We will send you a secure online payment form to complete upon acceptance. Buying this sort of property is close to buying a traditional condo. We also provide first-rate, friendly service for every member. If you are looking in Charleston County, the average price soars up to $505,000. A condohotel, or a condo hotel as it is also called, is a unique type of residential and rental property. Rental Income. . Choose Homes by Amenity. Financing is available when you are looking to purchase a unit in a condotel but it is often more limited than when looking. )We can be contacted several ways to help answer any questions you may have: Call us at toll free at 888 259 2257. The minimum loan size for both condotel and non-warrantable financing is $100,000. If you have any questions on second home mortgage loans please contact us at 800-900-8569 or text us for a faster response. Whether you're a seasoned investor or a first-time buyer, our condotel properties provide a unique opportunity to maximize your returns while enjoying an exceptional lifestyle. com. 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. recent paycheck stubs. 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. (a) This Chapter applies to all condominiums created within this State after October 1, 1986. Condotels give you all the comfort of owning. Loan Amount Range: From $100k up to $4 million. Sea Mist Direct Oceanfront condo Efficiency. S. 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. Senior homeowners may qualify for a homestead exemption that allows the first $50,000. Have a least one bedroom. Max 75% LTV Purchase. Your average annual premium will vary depending on your location, the coverage limits you select, and the deductible amount among other factors. SEARCH OUR SITE. with a major in real estate will also qualify. 1625 S Ocean Blvd Unit 1802. Resort, Airbnb, Daily Rentals acceptable. South Carolina; Horry County; North Myrtle Beach; Find a Home You'll Love. Get a quote Or, call 1-855-347-3939. More Details. VA Loans. Financing a Condotel Purchase, Myrtle Beach, SC. ) to find Myrtle Beach, SC apartments for sale according to your specific needs. Condotel loans are available for up to $1. The following are the criteria in which properties would be allowed for condotel financing: The units need to have a full kitchen and a separate bedroom. Our Mortgage Experts. Purchase loan-to-values (LTV) (down payments) are identical for a primar residence. 4550 The Loan Process; Reverse Mortgages; Government Loan Programs; Mortgage Loans. The rates and monthly payments shown are based on a loan amount of $464,000 and a down payment of at least 25%. We can finance condotels in Florida, Alabama, Georgia, North Carolina and South Carolina. have at least one bedroom. 5 Baths 2862 SqFt. Subscribe now. As far as the technical difference goes, if there’s a nightly rent and there’s a check-in desk, it’s a condotel. Therefore, they should work to earn your business. are experts in condotel financing and originating non-warrantable condominium mortgages, condohotel loans and The Best Condotel Mortgage Lender. 575 or greater credit scores. 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. Minimum Down Payment: 30%. 3 bed. Or email [email protected] Mortgage Condo loans. The loan to value is 97. Investment properties are eligible for the Condotel program. Shout or Text: (800) 900-8569. Up to 75% LTV for Purchase Loans. Financing for new and used vehicles. We would love to have a chance to connect you to a condotel loan which can serve your needs. Get the latest updates on our loan solutions, webinars, tradeshows, events, and. 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. South Carolina (SC) Coastal South Carolina ; Garden City Beach ; Garden City Beach Specialty Lodging ; Apartment Hotels in Garden City Beach ;. 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. 75% of a refinance mortgage on a manufactured home. South Carolina (SC) Coastal South Carolina ; Garden City Beach ; Garden City Beach Specialty Lodging ; Apartment Hotels in Garden City Beach ; Condotels at Surfmaster;. Are you purchasing a condotel and struggling. 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 and Non-Warrantable Condo Financing are 30 year adjustable rate mortgage portfolio loans. 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. Use 75% of gross rent as gross Florida rental income. Various Condotel Projects are popping up in Destin, South Beach, Panama City Beach, Palm Beach and Miami. 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. Contact Gustan Cho Associates at 800-900-8569 or text for faster response. We offer 3/1 ARM, 5/1 ARM, and 7/1 ARM Condo Hotel Mortgage Loan Programs, amortized over 30 years. The price per square foot is about $126. (843) 839-1649. Each condotel is a part of a large-scale property that operates similar to a. At times in 2022 and 2023. Condotel Mortgage Rates; Florida Condotel. 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. Homeowners who own a personal residence, the new Condo-Hotel unit can be classified as a second home which requires 25% down payment. 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. The team at Gustan Cho Associates is available 7 days a week, on evenings, weekends, and holidays. A condotel is a combination of a condominium and a hotel and is a unique type of property ownership. is an equal housing lender. " Meaning they are a condo that is in what they consider a hotel. You can email us at gcho@gustancho. Text us at 407 955 4575. There was a time for the past three years that not a single mortgage lender would touch a Condotel unit. North Myrtle Beach, SC 29582. Call ☎ (800) 697-4371Condotels at One Ocean Place: The nicest place that we have yet to stay at Garden City SC. 1 Baths. 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. You can potentially have quite a bit of money left over for the things that make a house comfortable and specific to your vision. $590,000. Step 1: Determine a Condo Project Review Type. 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 or text us for a faster. 3 bath. 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. A condotel is just what it sounds like—a cross between a condominium and a hotel. Click here to get started or call our main branch (866) 418-9219 to speak to a CCNB mortgage specialist. Skip until happy. The loan to value is 97. 3 miles from Condotels at One Ocean Place. Listed By Owner, douglas fournier. Condotel financing was totally unheard of. What Are the Mortgage Guidelines And Requirements For Condotel Financing? Capital Lending Network, Inc. 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. Experience stress-free financing today! (866) 803-2853. NEO Home Loans is pleased to announce our new Condotel Program designed to accommodate the purchase […] Immediate Help: (801) 893-0697. But it boils down to whether or not you can rent the condo for 7 days or less, and it’s a daily rental. This condo comes fully furnished and offers fantastic upgrades throughout. Minimum Credit Score: 575. California home buyers with credit scores as low as 580 FICO can now qualify for California home loan with bad credit. 3 bed. 100% online, 100% easy, 100% safe. Condominiums are usually divided. A condo is also known as a condominium. Get Started. Skip the content. 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. Condotel Financing Mortgage Guidelines And RequirementsFinancing options for condotel investment include bank loans, developer financing, and cash payments. Owners used as 2nd home. ”. Call ☎ (800) 697-4371Myrtle Beach condotel financing guidelines made easy Our flexible options and expert guidance ensure a seamless experience. Listing courtesy of Listing Agent: Michele Blase () from Listing Office: Realty ONE Group Dockside. 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. Navigating financing challenges in condotel investments requires creativity, diligence, and a thorough understanding of the market. , 1986), c. Get your quote today! 800-297-6414View 2594 condos for sale in North Carolina. There was a time for the past three years that not a single mortgage lender would touch a Condotel unit. Second-home financing requires a 10% down payment. Long-Term Fixed or ARM Rates. If you’re having trouble getting a condotel loan or financing a luxury condominium, you’re not alone. Coral Beach Bldg. Beaufort, Beaufort County, SC . Brokered by Keller Williams Innovate South. Speak to us about Condotel financing. 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. 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. Points. Get started with a free quote today. 5 miles from Condotels Golf Colony Resort. No Income Verification, No Tax Returns. No hassels with condotel financing!! Direct Oceanfront Efficiency Unit Beautifully Remodeled with a Kitchen. Owning a condotel is popular in Myrtle Beach, SC due to them offering unique services that you do not receive when purchasing a condo. Then there is an HO-6 policy, which is a small interior (walls in) policy you’ll. 201 S Ocean Blvd #905, Myrtle Beach, SC 29577. Solutions is what they are about. ARM and 30 Year-Fixed Options available. But it is a problem I almost guarantee you'll run across if you're financing a. Call ☎ (800) 697-4371 info@afbcarolinas. other documentations. 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. Title Options: Hold Title as an individual, in a trust, or an LLC. As an investment owner, you are not a primary resident. Subscribe now. 60 days bank statements. The down payment requirements are significantly lower on second home financing versus conventional investment home financing. Second-home financing is conventional loans and conforming Fannie Mae Guidelines On Second Homes apply. The manufactured home financing requirements need to be built on a solid concrete foundation. However, lenders like myself specialize in Condotel financing from $100,000 up to over $3,000,000 nationwide. Listed is all The. APPLY NOW. Text us for a faster response. Demise Of Condotel Financing After Real Estate Meltdown. City. View photos of the 106 condos and apartments listed for sale in Charleston SC. 5. Short title. Condotel Financing. Borrowers can also email us at gcho@gustancho. 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. North Carolina Condominium Act. Featured. 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. Coral Beach. 114. Pet-friendly Rentals. - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. General - FAQs. 207 28th Ave N #25, North Myrtle Beach, SC 29582. Enjoy all the. Reach out or visit a. Get Started. MORTGAGE CALCULATOR. Our mortgage lenders will gladly review your unique situation and find a flexible solution that best fits your lifestyle. All you need is a credit check and either a down payment or refi equity. Trump International Hotel and Tower. Learn more. Zip Code. 30 room nights free every year with an option to use 3 nights/year/other hotel of Sta. North Myrtle Beach, South Carolina. According to a study that evaluated condo-hotels in the Florida state and projected returns over a five-year period from 2006 to 2011 the return rate is usually 1%. Less than 10 units, up to two FHA-Insured units. Condo For Sale In Myrtle Beach, South Carolina. This article was provided by Oren Orkin of Capital Funding Mortgage Company, LLC, a residential and commercial lender that can provide financing for condo hotel units. Up to 103 LPC Non-Owner Occupied. Conway, South Carolina 590 contributions 307 helpful votes. Condo-hotels buyers are usually required to put a minimum of 20% down payment although a higher down payment could be required on a larger purchase price. Dec. Fidelity Home Group offers mortgages for warrantable, non-warrantable and condotel property types. Unlike Fannie Mae and Freddie Mac, Condotel, and. 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. C. RE/MAX SOUTHERN SHORES NMB. Up to 75% LTV on bridge loan loan amounts between $1,000,000 to $1,500,000. The HOA will have to have hurricane (also known in SC as wind & hail), traditional hazard (fire usually), and flood insurances. Address Line 2. 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. 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. It’s a great way to own a fully furnished condo and be able to rent it out on a regular basis. Get the latest updates on our loan solutions, webinars, tradeshows, events, and. On the beach, there is a service for chair/umbrella rental. Financing condominiums in Myrtle Beach can be a very tricky process. Is This Your Tripadvisor. A “condotel” is a portmanteau of “condominium” and “hotel. Low rates and flexible payment terms come standard with all South Carolina Federal auto loans. com (800) 697-4371 facebookAverage home values in the state are currently about $158,900. Inquiries. Resort, Airbnb, Daily Rentals acceptable. CONDOTEL. To qualify for condominium mortgage loans, please contact us at Gustan Cho Associates Mortgage Group at 800-900-8569 or text us for a faster response. Type Full Name Below: *. Over 75% of the borrowers of Gustan Cho Associates (Gustan Cho Associates) are folks who could not qualify at other lenders due. Atlantic Beach currently faces one of the highest tax. 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. As an investment owner, you are not a primary resident. Mortgage Bankers hours 8am-5pm (PT) Airbnb/VRBO Financing. com or visit us at No lender overlays. A 10% down. A condo insurance policy protects what your homeowners association (HOA) doesn’t. 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. Many property. Once received, we will review your credit profile. Home Spring Mortgage offers non-QM condotel loans with. Gena: We’re using the term “condotel” to include a broad group of properties which typically have one or more “Hotel” type characteristics. Sun everyday, beautiful Condo North 702. For Qualification, please review the following. two years W-2s. Look for oceanfront villas, condos, townhomes and condo hotels including luxury condos in places like Myrtle Beach, SC; Cocoa Beach, FL; Oak Island, NC and more. If you need to qualify for a condotel and non-warrantable condo loans, please get in touch with us at FHA Bad Credit Lenders at 262-716-8151. As of Wednesday, November 22, 2023, current interest rates in South Carolina are 7. Apply Now and Get a Quote Today! Get more details. 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. As you look set to take on Condotel investment, it is important for you to consider your investment partner in all this. 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. For a list of condo hotels in Miami and Miami Beach, please. Whether you're a. Florida Condo Mortgage, Florida Condo Mortgage Rates, Non-Warrantable Condo Mortgage, Condotel Mortgage Financing, Florida Condo Loans. More than one person may own apartment. North Myrtle Beach, SC 29582. Individual owners have units, but they have. No Need For Traditional Condotel Financing Hassles! Direct Oceanfront Full 1 bdrm, 2 Queen Beds Plus Murphy. Condotel is a mixed term that combines “condominium” and “hotel. House For Sale. Call ☎ (800) 697-4371 info@afbcarolinas. Campobello, South Carolina 1 contribution 1 helpful vote. All of these amenities are managed and operated directly by the complex — usually a reputable hotel chain. State. 1 bathrooms-19 days ago Homefinder. At times in 2022 and 2023. A: I do not support the development of the 21-story condotel. Up to 75% LTV for Purchase Loans. 702 sq ft. Comfortable & Spacious. • Cash-out is allowed up to $3,000,000 with no seasoning required. 1105 S Ocean Blvd. Like other non-traditional mortgages, a condotel loan will require the borrower to provide a down payment toward the property. Stay in touch with us at 843-999-0575 or email directly to aaron@aaronmillerinsurance. Condo hotels are typically high-rise buildings developed and operated as luxury hotels, usually in major. Petersburg CONDOTEL Financing. The Villas at Old South is a community of condos in Bluffton South Carolina offering an assortment of beautiful styles, varying sizes and affordable prices to choose from. Condominium mortgages is a non-conforming portfolio loan. 3910 Highway 17 South. South Carolina gives tax breaks to certain people, but only as primary residents. 5511 North Ocean Blvd #501, Myrtle Beach, SC 29577. View property. At Acorn Finance, our platform creates an element of competition for lenders, benefiting both you and them. It’s complicated (but we can make it easy for you). $189,000 and up - Condo Hotel. Condotel and Non-Warrantable Condo Financing are 30 year adjustable rate mortgage portfolio loans. NMLS #5645 ǀ AZ Lender #BK-0906866 #MLB5645 On Q Financial, Inc. 00. U. com. A list of local lenders and contacts who can provide traditional financing for condos and condotels in South Carolina, based on the type of loan and the characteristics of the property. Our company can help you find private lenders to meet all your funding needs. " Meaning they are a condo that is in what they consider a hotel.