We are looking to purchase a property to house our business which has living quarters attached to it. The property is zoned commercial.
Would we be seeking a residential o/o (we will be living there) or commercial mortgage?
Thanks
We are looking to purchase a property to house our business which has living quarters attached to it. The property is zoned commercial.
Would we be seeking a residential o/o (we will be living there) or commercial mortgage?
Thanks
If it zoned commercial you have to get a commercial loan. You can get 80% LTV at decent rates and 90% LTV at around 9%
thanks!
What state are you in? I can help lead you to beneficial lenders.
how about some non-beneficial? Do you have a list of those?
No, I try my best to consult in the client’s best interest.
Thanks,
I meant so the rest of us would know which ones to stay away from.
No worries… I like to think positive, I’ll give the names of my chosen lenders if the property is in Calfornia. Besides, there’s a hosts of bad companies out there but the good ones should get recognition.
These lenders can do 90%-100% CLTV. Even if this scenario is classified as a “mixed use” property, these guys can get it done. Lending guidelines may vary with each state.
First Select Commercial
888.376.5373
CIT Small Business Lending
800.713.4984
Income Property Funding
800.796.1190
Cheers!
Zoned commercial owner occ mixed use. Silver Hill can do 90% LTV, 95%CLTV (seller second) if the credit is 680 or so, 85% LTV if the credit is 640-679. (I am a Sil Hill employee) Call Al H (very reasonable broker, based in IL, can close anywhere) 630-303-8834 This is a full doc program, our 90% will start in the 9’s and go higher. Figure about 3/8 drop for each 5% drop in LTV