Mixed Use Property
Mixed-use properties must contain at least one commercial unit (retail, office etc.) and at least one residential unit. Common types of mixed-use properties include a ground floor retail or office unit with apartments above, all within the same building.
The primary use at the property must be for residential purposes in order for it to be considered Tier 1 mixed-use. The mixed-use property can be classified in any tier depending on the percentage of the multi-family component and the type of commercial use.
I have many loan programs available for your mixed-use property mortgage requirement. Based on the size of your Commercial Mortgage purchase or refinance requirement, your credit and the nature of the propery, we will custom design a commercial mortgage that meets your needs.
We will work with you to create the strongest possible loan submission package, highlighting the strengths of your property with respect to its local market and specific location attributes, as well as favorable property conditions and characteristics. This speeds up the Loan process and gets our clients the best possible terms and highest possible offers.
Market and Location Underwriting Considerations include:
Adequate linkage factors to retail services such as food, drug store and community shopping within 3-mile radius.
Adequate community services such as fire, police, school and health facilities withing a 10-mile radius.
Lease expirations should not indicate 25% or greater of all units in any given month, 50% for any given three-month period, and 75% for any six-month period
Property Conditions and Characteristics Underwriting Considerations include:
Properties with over 3 stories should have elevator service.
Property should be attractive and have an appropriate mix of units to remain competitive in its market.
Property should have adequate parking availability.