Residential Property in Commercial Zoning: Mixed Use Loan
For several years, cities permitted mixed-use projects. Mixed-use combines the best of two worlds. The strategy provides maximum tax benefits for cities. This living arrangement has attracted the young generation too.
Individuals interested in investing in a residential property in commercial zoning can speak with a Mortgage House loan specialist. As a non-bank lender, we have the freedom to help investors purchase these property types.
If the property remains solely a home in an area zoned for commercial use, Mortgage House also takes a look at the details. In this case, the amount lent varies based on a few factors.
For example, if the property has the potential for rezoning back to residential, it’s possible to option up to 90% of the home’s value. If the property remains zoned for commercial use, it’s possible to borrow up to 80% of the home’s value when the owner plans to rent it out.
In cases when the owner plans to live in the property, a commercial loan is best. The homebuyer can expect to obtain up to 75% of the home’s value.
Some business owners use a home in a commercial zone for business purposes. In this case, a commercial loan is the best option. When business owners become Mortgage House clients, they also receive access to our business loan.
Residential Property in Commercial Zoning Conclusion
Individuals interested in financing a residential property in commercial zoning purchase can contact Mortgage House. Our loan specialists take a look at the details and find loan options. Contact our team today.