Mixed use property - Can I owner occupy?
There is an old motel, with a large single family home, and 5 cottage style rooms on the lot. They only have one room with a bathroom.
I would like to live in the single family house and airbnb the rest of the rooms. The property has an 8 room license.
Every lender I speak to says I will need commercial financing, and that commercial financing will not allow me to owner occupy.
My argument is the field card has the property listed as 2 units, and if that is the case then it should be an issue to get traditional conventional financing right? As long as 51% is considered "residential". But thats where I get confused because what determines residential/commercial?
Any help is greatly appreciated!
Brian
Quote from @Brian Ellis:
You can try to justify it six ways to Sunday, but it's the lender's opinion that matters. If they say it's commercial, then they're only going to loan on it as a commercial property.
Have you tried a hard-money lender? Maybe you can get a hard-money loan and the convert to traditional down the road.
