Mixed use property may consist of apartments and retail stores in the same building, or apartments with dance studio or fitness center in the same buiilding. Most banks and other conventional lending sources all over the country often turn down small amount loan requests for mixed use property financing.
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There are many types of mixed-use buildings, the most common are: Large apartment building with ground floor retail and office space. Storefront with an apartment-style residential area on the second and third floor. Single-family property with a dedicated office or professional space contained within.
It is zoned as mixed-use with an apartment above the commercial garage space below. Unfortunately, he’ll need to find a commercial lender for this particular property since it is zoned commercial, but there is mixed-use residential financing available.
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Axos Bank offers real-world financing solutions, providing flexibility and market expertise to investors in mixed-use apartment and retail buildings.
Mixed use properties usually fall under commercial lending due to the zoning of the property however some lenders may still give you a residential home loan. Also, you could borrow higher if you are living in the property.
Investment Property Advisors is about to complete a large-scale apartment complex along the Central Canal in downtown Indianapolis. According to the Indianapolis Business Journal, the company is.
Mixed Use Financing. A mixed use development is the practice of allowing more than one type of use in a building or set of buildings. In planning zone terms, this can mean some combination of residential, commercial, industrial, office, institutional, office, or other land uses. DCF’s Commercial Financing Division provides commercial real estate.
Short-term mixed use loans are typically non-permanent real estate financing used to purchase and renovate a mixed use property before refinancing to a permanent mortgage at a later date. Short-term mixed use loans include bridge loans, construction loans, as well as hard money loans.
I had a realtor call me recently about a property that he is listing. It is zoned as mixed-use with an apartment above the commercial garage space below. Unfortunately, he’ll need to find a commercial lender for this particular property since it is zoned commercial, but there is mixed-use residential financing available.