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Updated almost 3 years ago on . Most recent reply
NH: Lending options on unique mixed-use property
Hi All,
Looking for potential lenders for the following:
NH - Mixed use property. 150-200k sale price. Property card shows 1 Res/1 Comm Unit, but is actually 2 Res/1Comm. Third Unit has CoC from fire chief, and is on sewer, so septic isn't a restriction. Could go as primary if it will qualify as a QM. Not sure how the commercial unit will affect this as it is leased until EOY, and the conforming mortgages I've seen require owner the occupy commercial space as well. Already have a FHA on primary/MF property. (62 miles from my W2)
If DSCR - Ideally looking for no more that 20% down, but could go 25% for the right terms. Currently at a 1.00 CR, proforma fully rented (not as primary), with market rates jumps closer to a 1.2 @ 30yrs.
Looking for potential lenders for the following:
NH - Mixed use property. 150-200k sale price. Property card shows 1 Res/1 Comm Unit, but is actually 2 Res/1Comm. Third Unit has CoC from fire chief, and is on sewer, so septic isn't a restriction. Could go as primary if it will qualify as a QM. Not sure how the commercial unit will affect this as it is leased until EOY, and the conforming mortgages I've seen require owner the occupy commercial space as well. Already have a FHA on primary/MF property. (62 miles from my W2)
If DSCR - Ideally looking for no more that 20% down, but could go 25% for the right terms. Currently at a 1.00 CR, proforma fully rented (not as primary), with market rates jumps closer to a 1.2 @ 30yrs.