Special offer

Myrtle Beach financing desperately needed for the oceanfront condo market!!

By
Real Estate Broker/Owner with Seaside Realty Company 12244

This is an open plea to any mortgage brokers, investors, and Realtors who may know of anyone doing financing on the "tougher" buildings....

Example: units with less square footage- efficiencies and some 1 bedrooms no longer fit in the "financing PERFECT banking picture", and buildings that have have condominium units for sale but ALSO have some timeshares in the building... In addition, some banks say that they don't want to finance in a "condotel"... Oh pahleezze... If a building has a front desk which handles rentals, maid service, marketing etc, then a lot of times they generate MORE MONEY for the owner which is what the banks SHOULD BE INTERESTED in because if an owner can get more revenue for renting their room then they are more likely to be able to make their mortgage payments !!! duhhhhh.

If a building is OCEANFRONT in Myrtle Beach and it has any TIMESHARE in the building or associated with it, then banks are not financing.  WHY ????????  Seriously, what is the BIG SCARE ???  At least you have more owners associated with one unit which gets the bills paid for association fees on the MOST part.  With a condo, you usually have one or 2 owners, not 50... since most timeshare units are "sold" with 50-51 weeks.   I know some fantastic buildings with incredible rental incomes in excess of $35,000 gross but I can't find my clients the financing and everyone is having to pay cash.  I could be selling alot more units if we could find the financing... and I am NOT TALKING OF "LOAN SHARK" FINANCING...not interested.

IF YOU MAY KNOW OF ANY LENDING INSTITUTIONS DOING SOME REASONABLE FINANCING FOR MYRTLE BEACH OCEANFRONT BUILDINGS, THEN PLEASE CONTACT ME ASAP. I have clients !!

 

Pam Guthrie, Myrtle Beach Realtor

Posted by

Pamela D. Guthrie

"Always Mobile"
(843) 446-3444

Seaside Realty Company
Broker In Charge, E-Pro Certified

Licensed SC Realtor for more than 35 years !!

Pam@PamGuthrie.com

 

 

Comments(0)