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Updated over 3 years ago,

User Stats

12
Posts
1
Votes
Triumf Ian
  • Investor
  • Burnaby, British Columbia
1
Votes |
12
Posts

Please advise: commercial loan or residential loan

Triumf Ian
  • Investor
  • Burnaby, British Columbia
Posted

I am purchasing a 8 individual titles condos in the same building (only 8 in total, basically buy the whole building), the property is in Canada BC, should I get a commercial loan or residential loan? If I buy them as a package loan, can I sell them individually later on? To buy them as a residential loan, it’s difficult as there will be too many mortgages and the bank may not approve. Please advise and refer to a best bank or credit union or a mortgage broker which/who can provide such loan.

In addition, the current strata fee for each unit is around $400, can I remove the strata company and manage them by myself?

Thanks in advance.

Best regards, AZ

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