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Multi-Family and Apartment Investing
HomeForumsMulti-Family and Apartment InvestingProperty Appears Residential But Is Zoned Commercial
Hunter Hughes's profile image
Hunter Hughes's profile image
Hunter Hughes
  • Accountant
  • from Denver, Colorado
  • Member since May 18, 2015
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Hunter Hughes's profile image
Hunter Hughes's profile image
Hunter Hughes
  • Accountant
  • from Denver, Colorado
  • Member since May 18, 2015
Connect
Hunter Hughes
  • Accountant
  • Denver, CO
3
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5
Posts
Multi-Family and Apartment Investing

Property Appears Residential But Is Zoned Commercial

Hunter Hughes
  • Accountant
  • Denver, CO
Posted Jul 16 2015, 16:30

Hello Forum,

I am currently working on a deal for a Colorado property that by most common sense would appear to be residential. It has 26 units (Apartments & Trailers) on the 1.68 acre lot. However, the MLS indicates that it is zoned "Commercial."

I would prefer to get a residential mortgage loan on the property because of favorable interest rates. Plus the bank I work at only funds conventional mortgages. If I borrow from my bank, I can achieve better rates and reduced closing costs. WIN!

How should I proceed? Should I work to get the property rezoned? Must I look into a commercial property loan with another lender? What more can I do to enhance the financing on this deal?

Thank you!

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