Hey Folks:
Property in PA, zoned commercial/residential; small nail salon and apartment above with garage., this is a row house
DO I have to get mortgage with 30% down ???
Should i be talking to broker instead of bank or is this the only way. I prefer 10% down pay a little more interest. Great credit and existing mortgage on another property.
Financing on this type of mixed use product can vary tremendously.
There are many factors, such as the ‘who’ the retail tenant is, NOI, site/area rating, and your credit profile are some of the things that lenders look at for financing.
For instance, if the building is in a class A location, you might find a lender willing to finance 90% all day long…
I’d suggest talk to a few different brokers/lenders to find out what niche programs that they have… a little elbow grease can go a long way.
I finance all day long at 90%. Just did 1.3 mil at 90%