Commercial Loan Question - Disclosures

Financing, Hard Money Lenders, Private Money
1

I have a commercial loan that id like some insight on-

The 340k commercial loan is on 1 sf investment, 2 two fam investment, 1 four fam investment, and my primary residence which is a 2 fam. I had existing loans on 2 of the investment properties already and they were consolidated and rolled into this loan. while the others were new purchases, including my primary residence which i had been living in for 3 years prior. had ex properties balloons after 1 year. The purchaser is my LLC and I am the guarantor.
The reason I am questioning the loan is because I approached my lender with securing my primary residence with a loan and had not intended nor wanted to the terms that he required. So im thinking that while its a commercial loan its purpose was to secure my primary residence and therefore it should be Personal. It is also reported on my personal credit.
There was equity in my house that i wanted to use but it was used up to payoff 23k of the sellers debt and also to balance out the other loans which had high LTVs. Additionally the appraisal on my residence was much higher than expected and probably fabricated in order to make this happen.

  1. I am not trying to back out of my loan
  2. my question is should i have received disclosures that normal commercial loans would not be subject to?
2

Hi,

It sounds like this loan is a hybrid as your loan contains both owner occupied and non owner occupied residential real estate.

I would read all the fine print in all the lenders documents and closing papers as I think your answers will be contained within.

It sounds like they would not have made the loan had they not been able to attach your home and yes this will record to your personal credit because it is all residential property and one is your owner occupied home!

              GR
3

Thank you for responding this is my first time back on this site- so sorry for the delayed appreciation!