Financing for Mixed Use Property?
I am looking at a property that has 4,000sf of commercial/retail (3 units) on the first floor and 2,400sf of residential on the second floor between 3 apartments. Does anyone have any idea what financing looks like for something like this? I assume I could get a 10 year loan (with 27 year amortization) at ~4-5% interest and ~70% LTV, but I really am not sure for this size asset. Purchase price is under $1m :) Does anyone have any ideas who would underwrite this type of loan? Would it be possible to use an SPE LLC for purchase and avoid personal recourse, or is that a pipe dream?