Financing to purchase and renovate a mixed use bldg

[Damian Baynes]

Hello Everyone,

I’m looking at a mixed use building that has a storefront on the first floor and the upper floors has two apts. The entire building is vacant and needs work and I’m wondering is there a way to finance the purchase and renovation, similar to a 203K loan, however it will not be owner occupied. Looking forward to all your feedback. 

Thanks 

[Ash Patel]

Mixed use building are difficult to finance.  Vacant mixed use buildings are very difficult without a track record.  Many banks just won’t touch them.  My advice is find a small local bank and get in bed with them.  Get creative.  Your job is to convince them that you will succeed with this project.  Good Luck.