Combo Mortgage In Condo-commercial Building Isn't Easy

COMBO MORTGAGE IN CONDO-COMMERCIAL BUILDING ISN'T EASY

By Bob Bruss

October 03, 2007

Editor's note: Robert Bruss passed away on Sept. 26, 2007. This was one of the last real estate columns he wrote. Inman News is publishing Bob's last work as a final salute to the nation's most well-known real estate writer.

DEAR BOB: I own a condominium apartment on the second floor above an art gallery on a commercial street. I want to refinance my mortgage but can't find a lender. Any suggestions? --Steven K.

DEAR STEVEN: An experienced local mortgage broker who has contacts with dozens of mortgage lenders should be able to refinance your loan in a combination commercial-condominium building.

There are thousands of such "combo" properties and not all lenders refuse to make loans in such buildings. Look for a portfolio lender, perhaps your bank, who will keep your mortgage in its portfolio because most secondary mortgage market buyers won't be interested in acquiring your mortgage.

The new Robert Bruss special report, "How to Profit from Lease-Options (Rent to Own) If You are a Property Buyer, Seller, or Realty Agent," is now available for $5 from Robert Bruss, 251 Park Road, Burlingame, Calif., 94010, or by credit card at 1-800-736-1736 or instant Internet delivery at www.BobBruss.com. Questions for this column are welcome at either address.

(For more information on Bob Bruss publications, visit his Real Estate Center).