Condotels are condos that are run as resort properties and offer amenities such as check-in desks, maid services, room service, etc. While common in the Myrtle Beach area, condotels do not meet the guidelines for obtaining “conforming” financing. 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.
• Up to 75% LTV for second homes – 70% for investment.
• One bedroom or larger – No square footage restrictions.
• In-house underwriting and superior service.
• Most closings within 30 days or less.