Big mansion converted to 9 units

[Benjamin Robinson]

Hello all!

I have a little question… I have stumbled upon a mansion that has been converted to a 9 unit. When talking to a lender, what are the possible loans I could get? The lender said that I wouldn’t be able to get a long term and mentioned something about a ballooning loan? Does anyone have any experience or insight into this type of deal? Thanks.

[Nick Rutkowski]

@Benjamin Robinson

Ballon mortgages are typically commercial mortgages. Ask your bank if you can refinance before you owe back the whole principle. This can get more complicated than a residential mortgages but less restrictive. Ask your lender more about it for educational purposes. You could utilize this loan in the future.