WHAT TO EXPECT WITH MIXED USE COMMERCIAL LOANS
A mixed-use commercial loan is used for property loans that include some sort of commercial buildings, such as an officer or retail establishment, as well as a residential component such as an apartment or living space. The most common types of mixed-use properties are those that include businesses that are found on the ground floor and apartments or living spaces that are found on the upper floor.
Griffin Capital offers mixed-use commercial loans for the purchase and refinance of commercial real estate and are available in adjustable, 5 and 10 year fixed terms with amortizations as long as 30 years. Mixed-use commercial loans range from $250,000-$7,500,000, although certain restrictions apply. Individuals interested in learning more about mixed-use commercial loans should contact Griffin Capital and speak with one of their loan officers.
Funds from mixed-use commercial loans may be used to consolidate debt, expand businesses, improve property, expand inventory, purchase equipment, or for purchasing additional property. While many mixed-use properties are generally believed to be popular investments, obtaining financing for such commercial property types can be difficult with some lenders but not generally with Griffin Capital. In most cases, mixed-use property loans may be financed with long terms that range from 25 to 30 years. Longer loan terms such as these allow individuals to lower monthly payments and generate positive cash flow.
The needs of individuals applying for mixed-use commercial property loan programs vary but generally include the need to purchase, refinance, refurbish, or otherwise improve mixed-use properties throughout the country.
Most mixed-use commercial property loans that Griffin Capital offers enable borrowers to obtain rapid, as well as customized financing options with no points and low rates than may be available through other sources. Options are available depending on individual requirements and needs and may include large or small balance mixed-use commercial loans. In most cases, large balance mixed-use commercial loans don’t require any upfront fees and offer fast approval processes, cash out options and adjustable or fixed rates.
Smaller income mixed-use commercial loans are commonly sought after for medium to large size markets, with easy application processes that don’t require huge numbers of documents. Small balance mixed-use loan programs are typically defined as loan sizes under $1 million.
Large balance mixed-use commercial loans generally range in size from one million to $7,500,000. Commercial mortgage terms may be offered in 25 or 30 years and the closing time is generally completed within 45 to 60 business days. Small balance mixed-use commercial loans are generally available from $250,000-$1,000,000 and include fixed terms that are available in three month, 5 and 10 years
To qualify for a mixed-use loan, most businesses should be able to show at least two years of operation, as well as fulfill requirements associated with that property type.