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Updated about 3 years ago on . Most recent reply
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Current lending landscape for rental condos
Hey folks
been out the game for a while... coming out of 08 , my wife and I owned a few rentals and sold them when we had the kids.
I want to get back in slowly, but this time with real financing (not the hard money or the private kind). I hope to find a condo in the charleston sc area - 200k-ish. I can provide a solid down-payment and proof of a backstop.
questions- who in this day and age is lending for condos as a second home or rental property? What loan duration and percentages are you seeing? I know when I left the industry, few banks were keen on rental loans, much less in the condo space.
Just my 2 cents and for a different conversation ... it feels like 2002 all over again and I don't think we will see 08 again for another 5-10 more years.... but there is always a reckoning when prices raise this fast