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Mixed Use Property LoansOwners considering mixed use property loans have excellent financing options as this is one of the favorite building types by lenders/banks. From the lenders perspective a combination of multi family and either retail or office space is preferred as apartments are considered the most stable of all commercial building types. Buildings without a multi family component are still liked, due to the tenant and income diversification. Mixed Use Mortgage LenderBelow is a break down on the underwriting components of a typical loan from a refinance perspective. LTV
Loan to value restrictions on mixed use building refinances are normally capped at 80% on a rate and term refinance and 80% loan to value on cash out refinances. Higher LTV’s are available, but depend largely on strong DSCR. Borrower should expect increased rates and fees for higher LTV’s . Slightly lower loan to value requirements should be expected for properties that do not have a multifamily component. Debt Service Coverage Ratio restrictions are typically set at a relatively aggressive 1:1.15 for this building type. Meaning that for every $1.15 of net income (income after taxes, insurance, repairs etc) the property produces, the mortgage payment can not exceed $1.00. Said in another way, after all expenses and the mortgage has been paid, the owner will need to net $.15 to qualify for the refinance. Exceptions can made with this rule on mixed use refinances. For example, stated income loans can be an outstanding option for owners that have low debt coverage ratios due to either overstated expenses, current high levels of vacancy, or understated income, etc.
Tenant Evaluation Property Analysis Market value and market rent is important and will be evaluated and compared to the subject property. Age, appearance, location, accessibility, and local market conditions, as well as other factors are considered.
Credit Worthiness Get preapproved now, by click on the following link, on your mixed use property loan or call 248 885-8797 to discuss.
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