Mixed Use Construction Loans
Mixed Use Construction Loans
A mixed use property incorporates both residential and retail units in a single building. This property usually consists of five units or more, which qualifies you for a commercial mixed use construction loan.
One of the toughest issues when it comes to locating finance for such property is finding a lender to match your needs. Times are tough, and credit scores have plummeted. However, this doesn’t mean you can’t get the money you need to finance construction of a mixed use property from the ground up.
Mixed Use Construction Loan: How does it Work?
The application process for this loan is similar to other conventional loans, but with a few changes. You must convince the lender that you have a plan on the ground for tackling the project, and that you have the capacity to build the property.
If you are a first-time property owner, you can use your personal credit to qualify. If you have an existing business, you can use your business history.
Once you qualify for the loan, the lender becomes a silent partner in the project. In this regard, the lender is concerned about the progress of the project so that you get it right.
What do You Need?
To qualify, you need to submit the following:
- Financial information including income verification, financial statements and your credit report.
- Detailed specifications of the project including an estimate of the cost.
- Several copies of the project plans.
- An appraisal report submitted.
What Can you do to Fast track the Process?
Many lenders don’t offer this loan since the structure isn’t already in place. However, at Mixed Use Mortgage, we work with lenders who offer this program quickly. All you need to do is give us a call to understand your options.
Don’t hesitate to give us a call and discuss your options, consultation is free and never a fee.
To contact us by phone call (800) 535-0270 or email us by clicking here.