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Mixed Use

Are you considering the purchase of a mixed-use property? Mixed-use properties are just that—they have more than one use. And sometimes that changes the kind of loan and terms you may get from your lender.

Here are some common examples of mixed-use properties:

  • A property that has both residential and commercial tenants. For example, a building with stores on the main floor and rental units on upper stories is considered mixed-use.
  • Two different kinds of buildings—one commercial and one residential—that share the same lot.
  • Owner-occupied or non-owner occupied. You may wish to run your business out of your building, or you may even choose to live in an apartment in your building. If you, as owner, live in the building that can change the kind of loan you need to finance your purchase.

Mixed-used properties allow a maximum mortgage of 75% of the appraised value of the building on approved credit. For more details contact an OMJ Commercial Mortgage Specialist. To read more about mixed-use properties, check out our blog.

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