Multi Use Financing?

[Robert Capozzoli]

Hello,

My wife and I came across a 4 unit multi use opportunity in NJ. It has 3 commercial spaces on the first level and a large appartment on the 2nd floor. We would live in the apartment. I was told I need 25% down by the realtor to get financing. Is this true?! I can't imagine this being the case with all the financing options available. I thought anything under 4 units is considered non commercial, but it's a multi use property so I'm not sure. 

Any insight and let suggestions?

Thank you,

Rob

[Jessica Zolotorofe]

It's a judicial foreclosure state, but we also don't have protections for primary residences, and more importantly, with the commercial to residential ratio, rent levy might be comforting to NJ hard money lenders. We see hard money loans in NJ all the time. Just depends on the value of the property itself and then the income and highest and best use considerations.