Can three separate units on same plot of land have 3 separate mortgages?

Aug 25, 2009 in Commercial Property Loans

We are interested in a 3 unit property on the same plot of land. A friend of mine just bought a 9 unit where 7 units were in one building and 2 were in another. He was able to get one commercial loan for the 7 units and a residential loan for the other. So if there is a property we are looking at that has 3 separate buildings, could we get three separate loans? There is one house and two cottages.

Like this post? Subscribe to my RSS feed and get loads more!

One comment

Matthew M on August 25, 2009 at 11:54 pm

This will all depend on how the deed is registered. If all 3 building are listed on one land under 1 deed, then you will have to get one loan. Usually, a loan is considered a residential loan fo 1 to 4 units.

Commercial Financing Programs

Here you can find our most current commercial financing programs

> $1 million to $10 million

> Acquisitions, Refis, Construction, Developments, etc.

For More Information

Click Here

NEW! Discounted Pay-Off Loan Financing

Does your lender need to eliminate commercial loans, performing or non-performing, to free up equity or to avoid regulatory issues (and are willing to discount your payoff amount)?

Does the FDIC want your loan off the books, and are willing to accept a reduced payoff amount?

If your lender is interested in a reduced payoff to clear your loan package, we work with a number of sources eager to finance such projects that offer viable exit strategies. These sources participate directly in negotiations with your lender.

For More Information

Contact Us

100% Construction Joint Venture Equity Financing

Our funding source provides 100% joint venture equity financing and cover 100% of the total project costs including hard and soft costs, land acquisition and project development. They allow the developer to recover most, if not all, of the monies already invested in the project, including monies spent during pre-development.

For More Information

Click Here

Introducing The New SBA 504 Loan Lowest Rate In 30 Years!

> Low Down Payment (Only 10%!)

> Long Repayment Terms

> Lower Monthly Payments

> Frees Cash Flow To Expand Business

> Many Rate Options (Including Long-Term Fixed)

> Limited Refinancing Of Existing Debt

> First and Second Mortgages

> Guarantee Fees Temporarily Waived

> Fees Set By CDC

> Prescreens At No Charge

We're Funding These SBA 504s Nationwide

Does Your Business Qualify?

*Rates subject to change, not all qualify

Multi-Family Rates Drop!

> 5, 7 & 10 Year Fixed Rates Starting Mid 5% Range

> Loans $750,000 to $5 Million

> Up to 80% LTV

> 25-30 Year Amortization

> Minimum FICO 680

> Capped ARM Starts At 4.25% - Lifetime Cap 7.25%

> Purchase, Refinance, and Cash-Outs Available

We're Funding These Multi-Family Loans Nationwide

Does Your Business Qualify?

*Rates subject to change, not all qualify

Aspen Financial Group