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Updated over 1 year ago,
Working equestrian property - residential? Commercial?
I'm working to sell an equestrian property in a very high priced town in the Boston, MA area. Gorgeous colonial home, 10 acres, 25 stalls renting at $1,000/month each plus a guest house renting at $2000/month, plus other outbuildings, paddocks, tack building, etc. We're priced in the $2M range.
If someone wants to buy this property and live there, will they be able to get a standard (jumbo) residential loan? Or will they need a commercial loan because it's capable of generating so much income?
If it's commercial, what would a loan package look like in terms of down payment and interest rates vs a residential loan?