Looking for an asset based lender in the Maryland area to loan on the purchase of a rental property. The property is a 2 unit (both units currently rented) and is considered mixed use. I’ve reached out to a few lenders and they won’t lend the purchase price because of the mixed use zoning. Looking for any reputable recommendations, thank you!
@Chad Coon what area of Maryland is this in?
Carroll County, MD
@Chad Coon what’s the purchase price?
$180,000, estimated market value is $220,000+.
@Chad Coon send me a PM
Is the property mixed use with both commercial and residential purpose? If yes, a commercial loan would be ideal for this types of property. Commercial loan is underwritten again the cash flow of the property.
@Chad Coon I may have someone who I've used in the past who could help as well. Feel free to PM me.
@Wenda Wang , the property is zoned for mixed use but is currently only used a residential.
@Chad Coon you can also try DSCR loan if it is difficult to qualify for a residential loan. DSCR loan takes the rent income and tax/insurance etc expense to underwriting.