Looking for a loan on a zoned commercial with 2 residences.
Are lenders pulling back or am I just not shopping the right ones?
I have a line on a deal for a property that I believe is undervalued and has great future potential for improvement. It follows the first 3 rules of real estate, is zoned "light commercial" which would include multifamily, the direction I want to take it.
It has a well established restaurant and 2 residences. My plan is to move in to one while I work on other parcels attached, then develop the 2 residential lots for multifamily and/or STRs.
This has stumped several lenders who have told me "we don't do commercial, mixed use, etc"
I am at the point where I may need to pass because I can't seem to find a lender able to work on it.
As with anything, numbers don't lie. The property stops making sense at around an 8% mortgage.
I have a line on a deal for a property that I believe is undervalued and has great future potential for improvement. It follows the first 3 rules of real estate, is zoned "light commercial" which would include multifamily, the direction I want to take it.
It has a well established restaurant and 2 residences. My plan is to move in to one while I work on other parcels attached, then develop the 2 residential lots for multifamily and/or STRs.
This has stumped several lenders who have told me "we don't do commercial, mixed use, etc"
I am at the point where I may need to pass because I can't seem to find a lender able to work on it.
As with anything, numbers don't lie. The property stops making sense at around an 8% mortgage.