Uninhabitable Property Zoned Mixed-use.

[Michelle Werner]

In Chicago, I found a property that’s zoned mixed-use with a billboard rented by Clear Channel, a basic 1.5 garage and a 900 square foot house on the property. The house needs at a minimum a new shower and toilet, so a bank approving a conventional loan is unlikely. The property has been on the market for about a year. The seller believes financing is not possible. Also, he has no interest in making any repairs to the house. He might be right about financing, but I’m hoping I can figure something out. My idea with the property is to live in it and use the billboard rent to cover a portion of the mortgage, but I can not figure how to find a bank/ lender specializing in mixed-use loans.