Can I use a mortgage instead of a commercial loan?
Jun 24, 2009
in
Commercial Property Loans
I know any property with 4 units or more is considered a commercial property. That being said, can I apply for a regular mortgage for a property that has 3 units or less, or do I still have to apply for a commercial loan?
Like this post? Subscribe to my RSS feed and get loads more!
2 comments
Andrew on June 24, 2009 at 4:44 pm
Yes you probably can. There are many homes like that here in seattle, i had a buddy that was going to do it, but his plan was to make one of the 4 units in the residence his private residence and his banker was going to let him use a traditional mortgage.
You should probably go to your bank and ask the branch manager. If that bank dosn't do it ask them if they know of any other banks that might.
NYmortgageman on June 24, 2009 at 4:44 pm
3 family home IS a residential mortgage, not a commercial loan. UNLESS however one or more of the units is zoned as a commercial space, then you would need a mixed use loan. hope this helps!