Commercial real estate lending

[Chanda T.]

I’m looking to get financing on a mixed use property (355,000) - Apartment upstairs, commercial space first floor. All vacant as they just re-did it all.

My intention is to rent upstairs (1,800) and use the downstairs for my business. Currently I give 50% of my income (regardless of what I make) to the shop I currently “rent” a space at. Moving into my own space automatically doubles my income. The location itself is also better than where I am currently at.

My question is - do I tell the commercial lender my intentions for the property? Am I more or less likely to get approved if I will be the one paying the “rent” on the first floor? My traditional mortgage buddy told me to say it was purely for investment purposes in order to simplify the process. I feel like stating that I have a greater interest in paying the bills, and I can show that close to $30,000 a year is usually going to rent for my business... seems like a selling point?

After I state my intentions I can’t really press rewind so I’d love some advice!

Thank you!