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Mixed Use Loans

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Do you want to invest in a property that you want to use for both residential and commercial purposes? Have you been trying to get a mixed-use loan that is easy-on-the-pockets and has reasonable prices?

Many banks actually loathe giving mixed-use loans because of the amount of risk in it. Imagine a type of building wherein it wouldn’t be 100% used for business – even regular lenders would look at that like a ton of risk!

However, there are private money lenders and real estate loan groups that specialize in providing these mixed-use loans. Before we get into that any further, it is imperative to understand how a mixed-use loan functions.

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How Does a Mixed-Use Loan Function? What’s the Idea Behind It?

Mixed-use loans to fund or finance the construction of a multi-use property don’t always have to be more than 4 stories. To assist you in understanding mixed-use properties further, imagine a bakery or a pastries store where its back-end is used as a residential space for the people or the workers of the bakery. That alone can already be considered as a mixed-use property.

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In a more technical sense, the mixed-use property is an establishment that uses 51% or more of its space for commercial use for profit. Going under that, ideally, 40% and below can already be considered as an apartment loan or a multi-family loan.

Benefits of Applying For Mixed-Use Loans

Taking out a mixed-use loan, in comparison to other types of real estate and property loans can get you the following benefits and advantages:

Let’s take it back on the example that we have above. Imagine a bakery or a pastries store making enough money to pay the interest on the mixed-use loan per year, that means, you don’t really have to shell out money from your usual savings. You can use the profit of the bakery or the pastries store to pay the loan off! So, what your earnings are from your daytime job or from other investments wouldn’t actually be put to pay for the mixed-use loan you applied for!

Aren’t those amazing? If you already think they are, well those are just two (2) of the most customary advantages of taking out mixed-use loans. Contrary to popular belief, there are quite a few different types of mixed-use loans.

Different Types of Mixed-Use Loans

NOTE: These types and kinds of mixed-used loans are from different financing partners and companies. They’re kind of the “general” types that you can choose from. We wouldn’t be focusing on banks because we all know that banks don’t really approve loans that easily. So, we’ll talk about private lenders and other types of financiers (we’ll speak of them generally).

This type of loan comes in many different types. In fact, some of the most popular short-term mixed-use loans include:

  • Private Money Loans
  • Hard Money Loans
  • Commercial Bridge Loans

You can try applying and taking these types of loans out but you need to prepare for higher interest rates. More often than not, the repayment period of these loans ranges between six (6) months and six (6) years. For the interest rates, it can go as high as 16% per year!

Unlike short-term MULs, commercial loans are cheaper and more considerate when it comes to interest rates. The only drawback it has is with the requirements; there’ll be more requirements and documents you need to present.

Repayment terms for these commercial mixed-use loans range between 15 to 30 years. Meanwhile, interest rates average around 5 to 8% per year – going above 10 can already be considered absurd.

Last but most definitely the least would be government-backed mixed-use loans. These types of loans are from institutions and from agencies that are somehow shoulder-close to government offices and agencies. They include a couple of USDA Rural Development Business Loans, SBA Loans, Government-Owned Bank Loans, and many more!

Nothing will ever beat how you can get the mixed-use loan you want from a private money lender. While interest rates might seem higher compared to banks, real estate loan groups wouldn’t force you to produce documents that aren’t actually needed. Across the entire state of Florida, aspiring homeowners and business owners trust no other company but us here at Florida Commercial Real Estate Loan Group.

We’ve been providing high-value and high-quality loans for our clients for years! Just like our clients, you too can take advantage of the highly flexible and versatile mixed-use loans that we offer here at Florida Commercial Real Estate Loan Group.

How to Work With Us?

Wherever you are and whatever type of mixed property you have, we’ll draft up a contract or an agreement that will surely be beneficial for you. We wouldn’t be deemed and considered as the best and the most trusted real estate loan group if we asked for lucrative and absurd fees, right?

Get a mixed-use loan from us and enjoy interest rates that would never go as high as 14%! Get it for a long-term type of repayment period or choose to pay it in full in less than a decade!

Dial us up, send us an email, or reach out to us through our social media pages! Florida Commercial Real Estate Loan Group will make you feel like your business and your property is the most important project we’re handling!

Don’t hesitate to give us a shout!

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