Will Mortgage House Accept a Converted Warehouse as Security for a Mortgage Loan?
When potential borrowers are considering applying for a mortgage loan with Mortgage House, they may want to learn more about the types of security that are accepted. Mortgage House does accept converted warehouses as security for mortgage loans, but the warehouse is required to easily be converted back to residential occupancy and is required to be located in a metropolitan location.
Other types of security that are acceptable for mortgage loans with Mortgage House (with restrictions) are as follows:
- High-density apartments (with restrictions)
- Serviced apartments (with restrictions)
- Boarding houses (with restrictions)
- Properties located on islands (with restrictions)
- Multiple purposes residential or shop properties (with restrictions)
- Residential properties (with restrictions)
- Display homes (with restrictions)
When an individual decides to finance a warehouse conversion, they may find this process difficult due to mortgage providers viewing this type of security as high-risk. There are various factors that play a role in this process, including the warehouse’s location, safety, and zoning.
Mortgage House is an award-winning lending specialist with the privilege of taking on higher-risk clients because we are a non-bank lender. Our lending specialists are prepared to evaluate properties with ease and successfully partner with various investors and entrepreneurs.
Interested in applying for a mortgage loan with a converted warehouse as security? We will evaluate your application and property promptly and keep you updated on our findings. Reach out to our lending specialists today to learn more and receive specialized assistance and advice throughout the application process.