Properties that can be used for several purposes cannot be purchased with commercial or residential loans since they are not meant for those needs only. Therefore, if you are thinking about investing or occupying one, the best way to finance it with credit will be by requesting mixed-use loans.
However, how do you know when a property is not for commercial or residential purposes? Or, to be more specific, how can you determine if it has more than one use? It is simple: the structure, current use that is given, and the reasons why it was built in case it is a new one in the market.
Mixed-use properties are those that help with both residential and commercial needs at the same time, but can also focus on other uses and have more than two or three at once. In short, you have a property that can be used as storage, residence, business, office, and give it many other uses that cover your needs or from other people. Now, what does this have to do with accessing or requesting a specific loan for their purchase?
Since a property’s value varies depending on the use it will be given, its structure, and how it will be maintained based on the purpose, you have to consider all the possible situations that can take place in a mixed-use property. Also, you have to think about the future uses you might give it that were not the initial ones or something you had in mind beforehand. With this in mind, it is fair to say that this type of property is more expensive than regular residential and commercial properties unless they are small or very limited in terms of units and size.
How to finance them
This is when mixed-use loans besides the option of using your savings and income, enter the picture. This type of loan covers over 60% of the total cost of the property and allows you to not only use it for different needs and goals but also rent and sell some of the spaces and units.
Usually, you have to pay the loan before considering selling certain parts of the property when it comes to residential or commercial real estate. However, mixed-use loans do not put such limitations since part of the payment comes from renting and using the property for all the possible uses you can give it. To access the credit, you can rely on our company Commercial Real Estate Loan Pros of Jacksonville.
We are a private lending institution that has been working with companies and particulars for over a decade in financing these properties. If you have one in mind and need the funds for it, we will only request:
- Your credit score.
- Financial records.
- Basic documentation.
- Details about the property and its total value.
- Information about the current owner.
- All possible uses you have for it.
If your loan is approved by our team, we will establish fixed and low-interest rates, longer periods for repayment compared to other lenders and banks, and cover more than 60% of the price. For more information about our mixed-use loans, our personnel at Commercial Real Estate Loan Pros of Jacksonville is always replying to emails, answering calls, and taking visits.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.