Construction Loan on Residential Prop
I am adding a storefront to the 1st floor of my 3 story condo, in a mix-use building live/work complex. I wanted t know if I can take out a commercial construction loan through my company for the build instead of adding to my mortgage? I have 810 FICO, D&B A, income $189k/annually, biz revenue of $85k/annually. 44% debt. by bender_felix310205 from Fresno, California. May 21st 2018
Ed Macias (ed@lenderfunnel.com)
#1883 ranked lender in California - 1 contribution
Yes that my be possible to accomplish. We have several commercial lenders that could fit. Call me for details 949-478-5191. Ed Macias CEO Lender Funnel
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Much more info needed to answer your question.. But in general, if you have an existing loan on the property now, then that could be a problem.. was the property zoned the same at the time of purchase? is the existing loan a conforming loan or a portfolio loan? Have you read your current loan documents to see if there are any restrictions? What is the property worth now vs. what is owed? Will converting the lower unit to a commercial store front add to the value or subtract? etc, etc, etc.. the short answer is there's probably a way to make it work,, but you wont find out by dropping a quick question on the internet.. you have to get on the phone and talk to a competent loan officer and let them get all the details and let them go to work for you. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893
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