Can we get a residential loan for a 5 unit property?

Jul 01, 2009 in Commercial Property Loans

We found a property we like, however the commercial rates are very different than residential. The property consists of one two unit and one three unit on the same lot. I was wondering if we could take out a different loan on each dwelling to avoid getting a commercial loan. Both dwellings have the same address.

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2 comments

MLaw on July 1, 2009 at 11:51 am

Same owner; same legal description; same address = no.
lendingwhiz2008 on July 1, 2009 at 11:51 am

Same address, same APN, then no. Residential is classified as 4 units or less.

Sorry, It would be like an apartment complex trying to get a seperate loan on each unit……

Commercial rates aren’t expensive if it’s a good deal.

Good Luck

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