Investor · Indianapolis, IN · Member since 2021 · 38 posts · 85 votes
Any recommendations for lenders who offer 20% down on condotels. I've touched base with a lender who offers 25% and another lender who has 30% down. However, I'd really like to keep it at the 20% mark. Thanks so much in advance!
Hey @Brittany Stradling, you might keep hunting but I think you will find that is where you are going to be.
Condotels are non-warrantable so finding financing at all can be a challenge. The Myrtle Beach area is a known case where there are a lot of these units so it is easier.
Are those downs with big banks or local? You might try some smaller local lenders and see what they say.
@Michael Baum I have been working with local banks. My agent recommended a few. Do I just google local banks now and call them all to see if they allow 20% down on condotels?
@Brittany Baker I've purchased a condotel with my fiance in Myrtle Beach and we loved working with our lender who had a program just for condotels! Feel free to DM me, and I'd be happy to pass along their contact information.
@Brittany Baker I've purchased a condotel with my fiance in Myrtle Beach and we loved working with our lender who had a program just for condotels! Feel free to DM me, and I'd be happy to pass along their contact information.
@Michael Baum Yes I completely agree! It's always best practice to contact several lenders and see which one can provide you the best solution for what you are looking today, ESPECIALLY in the market we are in now.