Looking to purchase a mixed use property. It has 2 residential rental units and 1 commercial unit We have great credit and at least 25% down payment.

Asked by JP, Minneapolis, MN Thu Jan 23, 2014

Our main lenders have classified this as commercial for their purposes, and we are unable to access a loan with them because we have no commercial property experience. I am wondering if anyone can help us find the next door to open, especially interested in SBA 504 and 7a loans, or lenders who would classify this as residential

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4
bpackb, , Minneapolis, MN
Sat Feb 22, 2014
Hi,

I have 7 properties and run into issues as I'm classified as an investor and have learned through asking lots of questions. You won't change how they approach you but I've found that traditional banks don't have access to the private investors that buy non traditional loans. They do volume and cookie cutter approach only. I'd recommend my mortgage guy who has been great as solving problems. His name is Jim Krantz and you can reach him at 952 252 4488. Nothing but good things to say about him.

Bruce
0 votes
Mike Tietz, , 55343
Mon Feb 3, 2014
Hi JP,

This will be classified as commercial at any lender that I am aware of. Your best bet will likely be a small local bank that can portfolio the loan. I have a two local banks that I can point you to if you are interested. You can give me a call at 612.462.0400 so we can further discuss the details and I can give you names and numbers.
Mike
0 votes
Joel Johnson, Agent, Blomington, MN
Mon Jan 27, 2014
Here's another option:
http://iloanhomemortgage.com/
Check with Charles Dailey - one of the principals.
0 votes
Steve Furlong, Mortgage Broker Or Lender, Bloomington, MN
Fri Jan 24, 2014
What is the property address?
0 votes
Hi Steve, I think I will contact you directly about this via your website. Thanks!
Flag Fri Jan 24, 2014
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