Commercial mortgage mixed use

[Remo F.]

An opportunity has come up to purchase a 6 unit building in brooklyn. 5 residential units and 1 store. The price 1.5 mil I have some experience with this type of transaction. I purchased a mixed use (3 unit) last year in Bedstuy with 75 LTV 30 years amortisation. The loan was based on the current rent role and operating costs. The building I'm looking to acquire will be delivered vacant except for the store. Questions 1. Do lenders only lend on buildings that are occupied with a current rent role? or do they also lend based on the market rent rate as the apartments will be delivered vacant. Feel free to ask me any questions. Note at this point I'm waiting for the operating expenses from the seller.

[Upen Patel]

@Remo F. The units would need to be rented for a lender to use that as income. Else you will need to have enough income from other sources, to be able to qualify for the purchase.

[Remo F.]

Thank you for your response. When you say enough income. Would say 6 months reserve to pay the monthly mortgage and expenses be a possibility with this type of situation?

[Remo F.]

I have your contact details and will reach out to you directly via email today