Can this be considered a commercial property ??
I have a property I’m looking into. It’s a two story, the top level is a 2 bedroom apartment and below is a large 2 bay garage, office and bathroom. They have separate meters as well. My idea is to rent the upstairs apartment and use the office space and garages for my painting business I own. Would I be able to get a commercial real estate loan on this?? I ask because I’ve read they are easier to financing for and since my business is only in its 2nd full year, I’m having a hard to getting approved for a conventional loan, even though my credit and past 3 month bank statements are more then enough for small loan I’m trying to get.
Any help would be appreciated!
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@Mark Lynch, a commercial mortgage is definitely an option. Be prepared to pay a higher rate, have a shorter term, and put down 25%. Start by talking with the commercial loan folks at the bank where your business has its accounts.