Financing in Las Cruces>Question Details

Marlene, Home Seller in La Union, NM

I have a Bed and Breakfast which is also our home. To refinance, do I need to use a commercial loan rate?

Asked by Marlene, La Union, NM Thu Mar 29, 2012

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Leigh-Jo Anzures’ answer
Hi Marlene,

What type of loan did you use when you first acquired your property? Also, what was the zoning for the area when you purchased it and has the zoning changed? How long ago did you purchase it?

You may be able to refinance with a Conventional Loan, but will depend on a few factors. Speaking with a mortgage specialist will help break down all your options.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Tue May 1, 2012
It depends. Is the structure a single family home that has a high enough value to refi at the number you need? If so, that is surely the way to go. If you need the business valuation to be higher, or it is a commercial building, commercially zoned, you will likely need to get a commercial loan. You need to check with a local banker/lender to determine your options. Best of luck!
0 votes Thank Flag Link Thu Mar 29, 2012
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