victorian housesLarge single family Victorian home, converted into 7-unit multifamily rental property. Commercial loan? victorian houses

I am looking at purchasing a LARGE, older Victorian home that has been converted into 7 separate units. I will be seeking a loan but since this home was once a single family, converted into multifamily greater than 5 units, will I be looking for a commercial loan as opposed to a residential loan? Any suggestions on commercial brokers if it is commercial? The property is in Tennessee.

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  1. geo.plrd
    Fri 09th Apr 2010 at 2:38 pm

    If you are renting it out and purchase it as a business, you may be able to get a commercial loan. You probably want to shop around for rates and find a decent bank or credit union to fund it.

  2. jpr302001
    Fri 09th Apr 2010 at 2:51 pm

    It depends on many factors. It’s best to shop around with banks and lenders before jumping into anything.

    Are you planning to live in it?
    Do you own another property as your primary residence?
    Will there be other owners?
    Do you have a business that will own the property?

    Unless you have done business deals like this in the past, you might find it easier to qualify if it’s NOT a commercial or investment loan, but rather you plan to live in it. Just be careful!

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