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Updated over 4 years ago on .

User Stats

1
Posts
0
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Saul Suarez-Pelayo
  • Rental Property Investor
  • Maricopa, AZ
0
Votes |
1
Posts

Any specific lender for mixused property

Saul Suarez-Pelayo
  • Rental Property Investor
  • Maricopa, AZ
Posted

Hello Guys, I recently purchased a lot as is and had a run down home which is a good BRRR project. I got word my property is also eligible for mixed use. I haven't got a lot of experience in commercial estate. The town I live in Maricopa AZ is exponentially growing. 2nd state where Californians are moving to, which is creating a lot of builders in the area. Houses going up I'n prices and new businesses as well. The property is next to the Main Street and accessible to schools, stores and fire station. This area will soon be considered a old town heritage style based on the zoning area. I believe going this route will be a better return on investment bringing some cash flow and increase my property. I partnered up with a licensed contractor which I trust and very reliable for these types of projects. My dilemma is to find a lender that will loan me money that doesn't require LLC and has low interest rate. I assume commercial is going to be a bit higher. I do have a 785 credit score and have a good job history. A rough estimate on what the cost for mixed used will cost is 300k. My contractor will look at some prices on the sq ft exactly to give me a close amount. During the meantime I'm contacting lenders to see what's out there and what they have to offer. What are some important things I need to look for and what questions do I need to ask to make sure I'm getting the best options. Thank you for listening.