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Re: Buying condo w/ commercial space
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Home away from home
 
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Speak to the bike shop in the Heights. The bike shop owns the business condo store front beneath the residential condos above. James Vincent Bicycles 351 Palisade Ave. Jersey City, NJ 201-420-5151 To get a mortgage on a condo with less than 20% down the condo may have to be 10 units or more and 70% owner occupied. If the building contains commercial space that may be a factor in getting the mortgage as well. Check the age of the building, the age of the heating system (boiler) and the type of electrical system including the amount of amps. If the breaker/fuse boxes is a Federal Pacific brand (no blow) they have to be replaced Federals have a bad habit of not tripping when they should. Also you may want 60 or more amps preferably a hundred amps.
Posted on: 2009/7/21 14:18
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Re: Buying condo w/ commercial space
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Newbie
 
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In my experience it really depends on how much commercial space there is. Meaning what percentage of the building is commercial. Typically lenders do not want to see more than 10% of the building being commercial. Talk with a mortgage broker(yes broker) rather than directly with a bank. Banks can only offer very limited product while a mortgage broker can shop the loan around to several different lenders. There are lenders out there that will lend in buildings with a higher concentration of commercial without raising the percentage of your down payment or raising your rate.
No, I am not a mortgage broker. Good luck
Posted on: 2009/7/21 13:50
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Re: Buying condo w/ commercial space
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Just can't stay away
Joined:
2009/2/22 2:42 Last Login : 2011/7/30 19:58 From Italian Village
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Lenders are now concerned with a giant beer garden opening in that retail space....
no, I am just kidding. I cannot help you here, but I am sure someone can.
Posted on: 2009/7/21 3:04
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Buying condo w/ commercial space
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Newbie
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I'm a potential first time home buyer...looking primarily in JC and was hoping for some experienced input. Anyone have experience with buying a condo in a building that has commercial space (i.e. retail) in the building? Lenders have stricter down payment requirements, but I'm curious if people in this situation have found these requirements negotiable (especially in the past 9 months or so).
Also - what's the basic logic here? Are the lenders just concerned about higher vacancy levels? I'm stumbling across this issue on a few places and I was curious if anyone else has been there.
Posted on: 2009/7/21 3:01
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