- Joined
- Dec 5, 2007
- Messages
- 2,880
Hi All,
I applied for a mortgage in order to purchase a COMMERICAL zoned 4-plex I considered.
I did not purchase it eventually but wanted to ask for future deals: is it the bank`s issue (VS. buyer`s) if the bank approves a COMMERICAL zoned property with RESIDENTIAL financing conditions not considering it as commercial for financing purposes? Is it the property type that matters or zoning or both for the purpose of defining its financing terms?
Is the buyer taking a risk if the BANK provides such a mortgage (with residential financing conditions) or is it simply the bank`s decision?
Regards,
Neil
I applied for a mortgage in order to purchase a COMMERICAL zoned 4-plex I considered.
I did not purchase it eventually but wanted to ask for future deals: is it the bank`s issue (VS. buyer`s) if the bank approves a COMMERICAL zoned property with RESIDENTIAL financing conditions not considering it as commercial for financing purposes? Is it the property type that matters or zoning or both for the purpose of defining its financing terms?
Is the buyer taking a risk if the BANK provides such a mortgage (with residential financing conditions) or is it simply the bank`s decision?
Regards,
Neil