Looking for a lender on Mixed-Use Property?

Anyone know a good bank or mortgage broker to work with on the purchse of a mixed-use property.  We have a significant downpayment but so far the rates and terms I am finding have been terrible.  Thanks

misconformist

in Mortgage 11 years and 10 months ago

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adam_dahill | 11 years and 10 months ago

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What do you categorize as terrible? A mixed use building is a commercial property and you will not get a residential mortgage or a residential interest rate if that’s what you are looking for. Commercial mortgages are almost exclusively ARM’s and tend to be higher than residential loans. There are a few lenders where you can get a 15yr fixed rate but you would need to have a lot of equity in the property to cashflow with a 15yr amortization. -Adam Dahill  nmls 66099