According to lenders a condotel is just about any condo that has an on-site short-term rental (daily or weekly) with a check-in / check-out service involved. Some lenders even consider off-site check-in / check-out for short-term rental as a bad mortgage risk. For those who are considering the purchase of a condo on the ocean there are some fantastic values available but loans for a mortgage have become a day-to-day event.
When considering an ocean front condo purchase in Myrtle Beach or anywhere else plan ahead. If planning to obtain a mortgage first ask your Realtor if they know of a lender who is local to the area of interest. If unable to locate a lender located in the area of the potential condo purchase try the present principal home mortgage company or a company used in the past. Some may also want to consider a home equity loan if they qualify.
I know of two places where you might try to get a mortgage on a condo in Myrtle Beach:
Investors Mortgage and RBC
Hey, great post. Thanks for the information about your area.
Good information. I haven't been to Myrtle Beach in years, but it is lovely there.