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Updated almost 8 years ago on . Most recent reply
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Advice Needed On Unique Property Financing... Thanks in Advance!!
Hello BP,
Looking to buy a property needing some Banker/lending advise. The property is some what unquie and banks are only wantin b to put a commercial loan the property.
The property is on 5 acres and has 2 residential houses on the property, one is lived in by the owner the other house is rented out. There is also a Morton Building on the property that is zoned commercial.
A commercial loan is not attractive to me on this type of property. They only want to do a 5 year fixed rate and of course 20% down.
I would live in one of the houses rent out the other house, the commericial building I would use for a buisness.
My question to everyone is there anyway I could get a 30 year fixed rate on this property? also it would be ideal if I didn't have to put 20% down
I have been researching multi use loans but all of the banks that I have called say they dont do those types of loans
Any advise would be appreciated!
Thanks Drake