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Commercial property for living and working

There is a small commercial building down town Lenox, GA, that i have been looking into purchasing, listed for $34,900. I am a designer and I am planning to live, and work from this building (partly my showroom floor for my designs) Do I have to get a commercial loan in this case? by camenisch590 from Lenox, Georgia. Mar 8th 2019 Reply

Hi, if the property is zoned commercial it would likely require commercial financing. You would want check to see if it classified as live-work.

Mar 9th 2019
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

It really depends on how the property is zoned and what the laws are regarding that zoning.. Some properties are 100% commercial.. some are 100% residential.. and some are "Mixed use".. When it comes to financing, whether it be mixed use or 100% or residential.. then only lenders offering owner occupied financing will even consider it.. but even then it might be very difficilt to find a lender willing to do a mortgage for that small of a loan. New lending rules restrict how much a lender can make on a loan. typically, the maximum profit is expressed in a percentage of the loan, or a flat fee.. on smaller loan's it's difficult to be profitable. and because of the complexity of the property you are looking at,, its unlikely you will find anyone willing to lend to you.. Assuming zoning will allow you to live there, you might want to contact the seller and see if they will finance you. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Mar 11th 2019
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