Bar with Large Residence Above it would it work?

Profile picture for user795379
I am looking at a old tavern with a large 2nd story that used to be an apartment/living quarters. I was wondering if you can get fha 203k on a property such as this. I believe I remember reading that 51% of the space must be residental and none of the 203k money can be spend on the business part of the property but I was wondering if it would be possible. The apartment hasen't been used for quite some time so It would need updating but the business is still open.
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April 29 2012 - US
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Profile picture for TheRealEstateRanger
Most local lenders have repair loans that you can get to do the same thing and still get about the same rate. I would talk to your local banker-they are more willing to help out small entreprenuers vs Corporate banks, at least that is my experience.
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April 30 2012
Profile picture for Ofe Polack
You have the correct answer, now contact a lender and see what they have to say!  Good luck!
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April 30 2012
 

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