Mortgage question on mixed-used property
In the process of selling a property that is a 6 units mixed-used building. 5 residential units & 1 commercial space.
1 of the unit is zoned commercial with outsourcing dry cleaners. Is it necessary that the banks are asking for floor plans of the space? I've given them the jacket of the property with all permits/leases/info of property history.
First time being involved with commercial sale.
Most Popular Reply
The lender can ask for whatever they want - in the end, they are the investor, and if they're going to loan on the property they will have to be comfortable with the investment.
The existence of a dry cleaner business on the property will likely throw up a red flag. You should be able to get it through, but the lender will probably require some environmental "stuff" because of the cleaners.