Mixed use property financing
I am looking for some information on mixed use property financing. I am looking at a property that has a commercial space and two apartment also on site. Just seeing if anyone has any experience with the financing side of property. My question is can I get a 30 year residential morgage on the total property on is it only a commercial loan. Thanks for your time on looking at the post
@Patrick Harrington, only commercial. You may be able to get a 30-year amortization, though. Talk to your local banks and credit unions.
@Patrick Harrington You can still find 30 year fixed rate terms on Mixed Use properties through commercial lenders but rates are higher than a conventional residential mortgage. If you're talking about 30 year terms expect rates in the 6-8% range. Local banks will offer lower rates but unlikely to be spread over 30 years.
What's the commercial component of this one? What kind of business?
The property is a two family with a separate commercial building.