Why Resort-Community Financing Differs
Friday Harbour is a resort community, and lenders sometimes classify units there differently than a condo in an urban building, depending on the specific unit, how it's used, and the lender's own policies. That classification can affect the down payment a lender requires and which lenders are willing to consider the file at all.
Questions Worth Asking Early
Before you're far into a purchase, it's worth understanding, for the specific unit:
- Whether the lender treats it as a primary residence, second home, or investment property
- Whether the unit participates in a rental program, and how that factors into the lender's review
- The condo corporation's status certificate and reserve fund, which a lender will review
- Whether seasonal or resort-specific condo fees affect the debt-servicing calculation
Getting the File in Front of the Right Lender
Not every lender that finances a typical urban condo will consider a resort-community unit, and the ones that do can have different requirements from each other. Reviewing the specific unit and how you intend to use it before submitting an application helps identify which lenders are worth approaching.
Estate Mortgage Group is affiliated with the Krasno Team through common ownership — using Estate Mortgage Group is never required, and you're free to arrange financing with any lender or brokerage you choose.