Loan Guidelines for Mixed-Use Property Financing
Eligible Property Types:
Mixed-use properties will contain residential and commercial units. The mix of residential and commercial will depend on loan type and size of building. Common types of mixed-use properties include a ground floor retail or office unit with apartment(s) above, all within the same building.
Loan Size:
USDA: $250,000 - $5,000,000; SBA: $250,000 - $5,000,000
Eligible Locations:
East of Mississippi
Loan Term Amortization:
USDA: Maximum 30 years; SBA: Maximum 25 years
Collateral:
First position mortgage as certified by title search and title policy on property.
Loan Escrows:
The borrower may be required to contribute monthly to an escrow account for real estate taxes and property insurance.
Appraisal:
Complete summary appraisal required. Residential USPAP Form 71B may be used on select Tier I properties.
Environmental Screen or Phase 1:
Required
Eligible Principals:
U.S. citizens, permanent resident aliens. Majority principal owners cannot be on probation or parole.
Recourse:
Every loan will be personally guaranteed by any shareholder with 20% or more ownership in the company.
