What is a mixed loan?
What is a mixed loan?
Mixed-use loans allow borrowers to finance the purchase, renovation, or construction of mixed-use developments. Mixed-use loans are usually commercial, government-backed, or short-term.
What qualifies as mixed-use?
Mixed-use commercial property is either a building or a land development that includes both residential and commercial space. For example, a structure that has office space on the ground floor and apartment units on the top floor would be considered mixed-use residential or mixed-use office space.
What is a mixed-use property Fannie Mae?
Mixed-Use Properties Fannie Mae purchases or securitizes mortgages that are secured by properties that have a business use in addition to their residential use, such as a property with space set aside for a day care facility, a beauty or barber shop, or a doctor’s office.
What does mixed-use mean in real estate?
Mixed-use properties refer to properties intentionally used for a variety of purposes, including commercial, residential, retail, office, or parking space. For instance, if you had an apartment complex, retail stores, and businesses located within the same area, this would be a mixed-use property.
Does Fannie Mae allow mixed use properties?
Fannie Mae offers residential mortgage loans for mixed use properties that meet certain guidelines. What Are the Mixed Use Guidelines? Fannie Mae offers residential mortgage financing for properties being used for both residential and commercial business purposes simultaneously.
What is the meaning of mixed use land?
The term ‘mixed use development’ refers to development projects that comprise a mixture of land uses, or more than just a single use. In terms of planning permissions, mixed use refers to land or buildings used for different uses which fall into more than one use class.
Which best describes a mixed use property?
Mixed-use property means an eligible property that includes three or more residential units and may also contain a commercial property component in the same building.
How do you appraise a mixed use property?
Appraisal Requirements for Mixed-Use Properties
- provide a detailed description of the mixed-use characteristics of the subject property;
- indicate that the mixed use of the property is a legal, permissible use of the property under the local zoning requirements;
Does Fannie Mae finance mixed-use properties?
Will Fannie Mae lend on mixed-use properties?
“There’s a lot of very lendable properties that have mixed-use [from which] Freddie will buy the mortgages.” Fannie Mae requires that no more than 20% of the effective gross income come from the commercial space and no more than 20% of the net rental space of the building be commercial space.
What are the different types of mixed-use?
Mixed-used projects may include any combination of the following: housing, office, retail, medical, recreational, commercial, or industrial spaces.
Which best describes a mixed-use property?
