HI Rebecca, great question. It really depends on the specifics of the transaction.Is it a purchase or refinance? Does the owner reside on property or operate a business onsite? . Is the commercial space used for offices or retail? And the list goes on and on. Many of my investor clients have benefited from my experience relationships with local and out-of-state lenders who are great in their respective mixed use niches.
Another option may be the FHA 203k mortgage to purchase or refinance a mixed use property, but only if the borrower will live onsite and the commercial space doesn't exceed 49% of the total floor space for a two story building. The 203k loan is the best way to get a 30 yr mortgage with a low fixed rate on a mixed use property! I am available for more information or assistance, if needed. Please contact me directly at 917.699.0183 or via email.
I value your feedback, please hit the thumbs up if my reply was helpful. All the best.
Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973