Hi Tammy, i need to complete a valuation on the property to confirm the acceptable property type by the lender. as Greg mentioned, you may have to purchase this under the commercial lending policy, which i can help with. however, coomercial lending requires a higher deposit and rates are much higher than residential loan products.
Hi Tammy, This will require a business loan. As per your comments the property is classified as commercial use and you will be using it for business activities. This will not fit under standard residential home loan guidelines.
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Sylvia
Hi Tammy. You have what’s potentially a mixed use property. It depends what it’s actually zoned but are you purchasing it as business (as a going concern) or as a residential property. Since it’s classed as light industrial residential and if sold as residential NOT as a freehold business sale you may qualify under residential rates. It maybe similar to rural residential that can be used for farming and agricultural business activity. Good luck.