Can I use a mortgage instead of a commercial loan?
Written By: admin on June 19, 2009
2 Comments
I know any property with 4 units or more is considered a commercial property. That being said, can I apply for a regular mortgage for a property that has 3 units or less, or do I still have to apply for a commercial loan?
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Tags: commercial loan, commercial mortgages, mortgageTags: commercial loan, mortgage
Yes you probably can. There are many homes like that here in seattle, i had a buddy that was going to do it, but his plot was to make one of the 4 units in the residence his private residence and his banker was going to let him use a traditional mortgage.
You should probably go to your bank and question the branch manager. If that bank dosn't do it question them if they know of any other banks that might.
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