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Updated over 3 years ago,
Please advise: commercial loan or residential loan
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