Mixed-Use Property Mortgages

“Hi Joe,

I have been searching for a mortgage for a mixed-use property but have not been successful. I have spoken to my bank and don’t really remember how many mortgage companies. It just seems they just don’t want to lend on this kind of property. One company told me they would give me a loan with 40% down, 12% interest for 10 years and 3 points. I am just not willing to get into a hard money loan.

I am under contract to buy a building that has five units, four apartments, and office space on the first floor. The apartments are currently rented for $5,125 and the office for $1,500. The purchase price is $620,000, want to put 30% down and my credit is decent.

I asked the owner who did his current mortgage and she told me that you did. I should have asked sooner, sounds like I wasted a lot of time. Can you do the loan again?”

Sure these types of mixed-use mortgages are more challenging, but there are certainly avenues to get them done.

Let me know if I can assist you – (800) 822-7482 or email me at joe@righttracfg.com.