Small Mixed Use Mortgage
The Small Mixed Use Program: All You Need to Know
The small mixed use program is available for purchasing, refinancing or cashing out on properties. With this program, you can get a loan from $100,000 to $1,000,000. Therefore, you need to make sure your project needs fall within this range otherwise, you won’t get the loan.
Mixed use property consists of a few residential and commercial units under a single roof. The only challenge is that conventional lending institutions turn down small amount loans for mixed property finance. The reason is the high renter-to-income ratio.
But you shouldn’t worry because there are lenders out there who offer these loans.
What Should You Expect?
These loans work like conventional mixed use mortgages. The only difference is that the terms are more flexible since the loan amount is low. For instance, these loans need a lower FICO score as compared to big loans. However, they require full recourse to you, just like other loans.
Repayment of this loan is based upon fixed-rate and variable-rate terms. Fixed-rate terms dictate that you pay a constant amount every month for the length of the loan. For adjustable rate terms, you get to pay a fixed amount for an initial period before the rate adjusts according to market rates. The amount you pay makes up a part of the loan principal and interest.
Do You Want Quick Approval?
At Mixed Use Mortgage, we give intelligent solutions to your loan problems. With lenders becoming more elusive, you need a professional agency to get a reliable lender.
We do just that, and more.
We have a highly trained team that has the necessary expertise and knowledge to turn your dream into a reality. We understand your critical financing needs and are ready to help you achieve them.
Don’t hesitate to give us a call and discuss your options, consultation is free and never a fee.