Do I need a commercial loan to buy a property that is in a commercial district but I plan on living in the upper floors?
I'm trying to find a loan to buy an old building and restore it for my living quarters. It is commercially zoned I think however I am looking for a long term loan greater than what is offered for a commercial loan. They also require a business plan which I'm not ruling out a business in the future but for now I just want to live in the place.
Answers (1)
FIRST ANSWER
Most likely the answer is yes. Most mortgage companies will not provide a residential loan on a property that is zoned commercial and has never been used as residential. Your best bet is to try and work with a local lender (bank) and not a national lender for this specific of a loan. Always consult a liscenced mortgage lender for their advice.
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Answered Tue May 19 2009, 18:08 by Artwork in 15906
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