I am in Southern CA too. Mixed use properties are classified under commercial loans. Generally for these type loans it will require 20 to 25% down, plus you will need to have reserves.
The best case scenerio is if the loan amount is at least $150,000 and above, there is a loan program for CLTV @ 90%. The 1st mortgage will be for 75 to 80%, seller help carry 2nd of 10% to 15%, borrower to come in with 10%. This 10% downpayment does not need to be sourced or seasoned or verified. That would be the best out there.
Need loan on a mixed use property - please help! - Posted by Dennis (SoCal)
Posted by Dennis (SoCal) on October 27, 2003 at 15:13:53:
Hi,
I’m looking at a property that has cashflow even at 100% LTV, but the problem is that it’s mixed use. There’s a 4-plex and a market on the same parcel. Any ideas?
I have a middle score of 640, and would prefer to do either zero down or 5% down, with the property being the real qualifier.
Please contact me if you have any ideas or can help.
Thanks,