Best type of loan for 600k mixed use multi

1 Reply

Hi,

I'm trying to close on a property that's around 600k. It will be a mixed use multi, 6 residential, 3 commercial units. 

I have only done SFR before and not sure what type of loan works best for this. It looks like commercial loans are for loans of at least 500k? We can do 25%, so we would need a loan for 450. Any advice here would be great!

Thanks,

Tony

@Tony Xu most small, local commercial banks or credit unions would be happy to do a loan like that if the deal makes sense. Draw a circle about 20 miles in diameter from the property on google maps and search all banks and credit unions in that area. Call them and ask to talk to their commercial lending department. Present the deal to them and if it's a good deal you will likely have several competing for the loan.

If you don't want to do that work, look for commercial loan brokers and have them do the work.