Mixed Use loans
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Mixed-use buildings offer a unique opportunity to use a building both as a residential and commercial property. But a large number of issues are encountered when you’re applying for a mixed-use loan from a traditional lender.
Since it is so hard to get mixed-use loans, people tend to move away from such projects, not realizing the real benefits these properties could offer. But this issue is easily resolved by Commercial Real Estate Loan Pros of Orlando. In Florida or anywhere in Orange County, people take the benefits from the amazing deals we offer.
What are mixed-use buildings?
Mixed-use buildings are those which comprise the first floor as a commercial site that can be used for retail purposes. The other floors can be used for residential purposes. Thus, the name is mixed-use loans. A general view is that lenders prefer the majority of income from mixed-use buildings from the residential area. This is so because it could take about 4 to 5 months or even more for our tenant to set the place. And the apartment units can be rented in about a week or so.
What are mixed-use loans?
Mixed-use loans are offered for residential and commercial mixed-use properties. The borrowers become eligible for mixed-use loans if the property has five or more residential units and no more than 40% income is generated by commercial space.
Different types of properties that these loans can finance include:
- Office/ storefront
- Office/ residential
- Residential/storefront
- Industrial/office
- Industrial/retail
What are the obstacles faced while getting mixed-use loans from traditional banks?
The banks like simple, neat, and plain loan applications. But with mixed-use loans, these things get somewhat complicated:
- The first issue that arises is that these properties are zoned mainly for commercial purposes. It means that you will face difficulty securing a residential loan for mixed-use buildings.
- The next obstacle is that the banks are reluctant to lend for investment properties. No matter if you are living in the property, using the property for commercial purposes pauses the lenders and may cause added scrutiny when they review your loan application.
- And the idea of mixed-use loans is quite new and still seems foreign. So many lenders and banks might be slow in embracing the change.
Hence, while working with us, you can secure your loan as we hope to provide you loans with the best interest rate and minimal difficulty.
Why choose us?
Commercial Real Estate Loan Pros of Orlando in the town of Orlando, Florida, offers amazing benefits and deals to all our customers. We have revolutionized the way people think about commercial consultancy firms and commercial lending.
The traditional bank methods of lending are outdated without many benefits. So, you can come and work with us, and our skilled experts shall guide you and bring you the best available deal in town. We can help you find private lenders who are not only easy to work with but also offer the best interest rates. So, if you want quick loan disbursals, reach out to us today.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.