4 Unit + Store Front business

[Isaac Dominguez]

Hi All,

I'd like to get your thoughts on a property i came accross. It is a two Mixed use Building in which the first floor is a good size restaurant. Then, on the same building there are 3 rental apartments of 2-3 bedrooms each. Then there is a single home with a 2 car garage underneath the property. (first floor is the garage and second floor is a 3/1 apartment. It has plently of parking space and the condition is great on the outside and the restaurant is in great cosmetic conditions. They are asking 235k for this which i think is a little expensive,but it is still a good deal i think.

My question is, how can i go about getting a loan for this type of property which is considered a 5 unit comercial property. (this came from the person that usually handles my mortgage loans for residential properties and multi family)

What would be my best strategy considering that i dont have much capital to invest in this deal as most of my capital is tight up in a partnership which is still looking for its first deal.

What are the requirements as far as down payment,interest,closing fees and what other options besides commercial loans do i have?

If a PL was an option here, how do i approach them?

thanks