Multiple properties, single parcel - mortgage possible?

[Nigel Whitmarsh]

Hi

Looking at a single parcel with multiple properties on it.  Numbers are good.

Does anyone have advice on a conventional mortgage lender who would consider lending on this in NC?

Is this even lendable (if that's a word), or would I need to consider commercial / creative options?

Anyone done this before and can bestow their advice?

Thanks

[Rob Brautigam]

Although it's not a 'conventional' property, you should be able to secure a mortgage with 20-30% down. Always think of your exit plan(s) though. Being an unconventional property type, it will be less likely to sell in the open market, in comparison to an average/normal property for the area.

On a side note, could you subdivide into 2 properties? Check out the town's zoning regulations and talk to the Director of P&Z to see if it's possible. If so, in your market, could the 2 parcels be valued at higher than the price you would buy the property for, less any surveying/subdividing/permitting costs?