Mixed Use Property/Commerical

moneycenters · #1 (**permalink**) 09-28-2006, 08:39 AM

Hello:

We had a loan ready to close and then the appraisal indicated that the borrower operated a daycare facility from her home. She is not a daycare provider with max children of 6-8, but a center with max children of 40. The property is a colonial. The downstairs is the center and the borrowers occupy the upstairs as their residence. They removed the kitchen from downstairs and now have a small kitchen upstairs. The loan size is $452,000 with an LTV of 80%. This is also a stated income. Credit score is 670
I believe this may be considered more commercial. Are there any lenders that would consider this type of property. Please help. Thanks

GeorgeWBooth · #2 (**permalink**) 09-28-2006, 11:25 AM

Gregory A. Wallace
Vice President
Bankers Financial Mortgage Group, Ltd.
(p) 214.210.1488 (Direct)
(f) 214.210.0492 (Direct)
(p) 800.980.2291 ext. 259
(c) 972.989.6556
GregWallace@bfmgltd.com

Matt
account executive
Met-west Commercial Lender
503 516 5823
Matt@metwestloans.com

Charles R. Yellen
Fisher Enterprises, LLC
510 Madison Avenue, Suite 304
New York, NY 10022
Tel 212-223-1044 x228
800-275-3968 x228
Fax 212-223-0104
Charles@fisherenterprisesllc.com

Peter Wangerin
Velocity Commercial Capital
866.505.FUND (3863)
pwangerin@velocitycommercial.com
www.VelocityCommercial.com

Marlon Jackson AE
First Capital Mortgage
600 W Chicago Ave
Chicago, IL 60610
(D)312-327-5734
(F)312-327-4834
(E)mjackson@fcmdirect.com

George

Greg · #3 (**permalink**) 09-28-2006, 06:46 PM

Wait... The day care is in the basement? If so that is below grade and would not be considered a % of the total square footage.

The mixed use.. Well any lender who handles mixed use should take it.

I know we do.. New Century Prime... www.newcenturyprime.com

Mortgage Mover and Horizon

I am not a wholesale rep. I am an LO on the retail side. I had someone fax me a deal today. It was a full package. lol

moneycenters · #4 (**permalink**) 09-29-2006, 07:01 AM

The daycare is not in the basement. The center occupies the first floor of a colonial. The borrowers have made their living space on the second floor. The kitchen was removed from the first and is used as an additional classroom. The appraiser indicated that the primary use of the subject is a daycare.