3.5% down for small commercial buildings?
Are you looking for your niche'? If you already specialize in small commercial and mixed use buildings then you have been missing the boat for, how long? If you haven't used the FHA 203k loan for these mixed use buildings or hard to sell light commercial buildings then you have been asleep at the wheel.
I used to purchase quite a bit of commercial property and it always required a 35-40% down payment. I wish I had known about this program back in the 80's and 90's. How sweet it could have been. Well, it may not be too late for you in many cases.
Lets say you have a store with living units above... it's a 203k loan.
How about offices with living area above... maybe it might works in places like "two worlds" in Pleasant Hill. Who knows?
How about a small commercial building that you keep selling over and over again as it is just not in a good location... Add a second and maybe a 3rd level of residential above it with the FHA 203k loan guarantee program.
Let us know if you need a presentation at your office and we are happy to do that for FREE. Open your eyes to a tool that is so under utilized in this industry.
I'm not saying every sale you do should be a renovation loan but I'm sure if you know it's nuances, learn when and where to use it, be proficient with it. Now the next big question should be what lender will finance the project as all 203k lenders won't touch these.
Uptown.
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