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Mixed use property loan

the building I am looking at is mixed use. I will be using for commercial purposes only, can I still get a mortgage loan instead of commercial loan? by AL.OHANIAN615 from Paris, Texas. May 21st 2019 Reply

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

More info needed, but in general.. Mixed use is not a problem, but if it's solely for commercial purposes, then you need to apply for commercial financing.. Keep in mind that commercial financing can take months to secure.. that's why so many lenders out there offer "Bridge" financing, which is short term financing with less than favorable terms, but you can close quickly which helps in securing the property form would be cash investors.. Then you apply for permanent financing after.. regardless, commercial financing is quirky.. they want to know how the property was used in the past, and how you intend on using it.. Also, it's going to require a larger down payment and the terms wont be as good if it were a residence. 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

May 21st 2019
Dave Skow (daveskow)
#16 ranked lender in Washington - 317 contributions

thanks for the post ...options will be a " regular " investment property mortgage ( assuming it meets all these guidelines and if not - a commercial loan ( higher rates / fee and down payment ) .....I would suggest contacting a local lender to the property and asking more detailed question

May 22nd 2019
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