I am purchasing a 8 individual titles condos in the same building (only 8 in total, basically buy the whole building), the property is in Canada BC, should I get a commercial loan or residential loan? If I buy them as a package loan, can I sell them individually later on? To buy them as a residential loan, it’s difficult as there will be too many mortgages and the bank may not approve. Please advise and refer to a best bank or credit union or a mortgage broker which/who can provide such loan.
In addition, the current strata fee for each unit is around $400, can I remove the strata company and manage them by myself?
Thanks in advance.
Best regards, AZ
@Triumf Ian I am not positive about Canada, but if you own the whole building you should be able to manage yourself but would have to see what contracts are in place.
As far as lending, I would go with whatever is the best option. Like you said 8 residential at the same time might be hard to do. So I would just try and find a few lenders in your area willing to work with you and get it done and pick the best.
I am a mortgage agent with Dominion lending centres and would be happy to help answer some of your questions Triumf but will need some more information. If you plan on selling them down the road I believe it would be best to keep them separate, as if you were to get one loan on all of them, selling one at a time would be much more costly and time consuming, however, if you are going to get 8 residential loans you will have to be able to debt service for all of the loans. Perhaps it would be best if you would be willing to speak on the phone with me about this?
Feel free to message me directly if you would like to set up a time to talk. I would be happy to help if I can.