WHAT TO EXPECT WITH MIXED USE COMMERCIAL LOANS
A mixed-use commercial loan is designed for property loans that include both a commercial and residential component. Most commonly, qualified properties include those businesses found on the ground floor with apartments and/or living space upstairs.
Griffin Capital Funding offers mixed-use commercial loans for the purchase and refinance of commercial real estate. These loans range from $250,000 – $7,500,000 and are available in adjustable, 5 and 10 year fixed terms with amortizations up to 30 years.
Funds from mixed-use loans may be used to consolidate debt or expand business through property and equipment purchases and improvements. While many of these properties are seen as popular investments, obtaining financing for them can be challenging. GCF simplifies the process by offering long-term financing options (25 to 30 years) allowing the borrower to enjoy lower monthly payments while generating positive cash flow.
Most mixed-use commercial loans offered by Griffin Capital enable borrowers to obtain rapid, customized, financing options with no points and great terms. Options are available depending on individual requirements, and may include large or small-balance mixed-use commercial loans. In most cases, these loans do not require any upfront fees and offer fast approval processes, cash-out options and adjustable or fixed rates.
Small-income mixed-use commercial loans are a popular financing option for established businesses. Loans under this program are generally under $1 million and include fixed terms available in 3 month, 5 and 10 year periods. As an added bonus, minimal paperwork is required to get started!
For established businesses seeking a larger loan, a Large-balance mixed-use commercial loan may be more suitable. These loans generally range in size from $1 million to $7.5 million and offer 25 or 30 terms, with closing completed within 45-60 business days.
As a general rule, most businesses should be able to show at least two years of stable operation, as well as fulfill specific requirements associated with their property type. Contact a sales representative at Griffin Capital Funding today to discuss your particular situation by calling 800-710-6762.