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Answers (4)
- Kriss Parnell, "Kriss Parnell"
- Contributions:1
The trick is whether there are other properties that are similar in the neighborhood. It is tricky, but not impossible. I closed on like this 6 mths ago. Is the property close in SE?
This zoning, by the way, is for General Industrial. It should be treated like a General Commercial should be. Yes, you will need a rebuild letter, but that's the appraiser's job.
Kriss Parnell
NMLS # 174928
- Justin Coleman, "UtahLoanProfessional"
- Contributions:72
I'm with Mr. Livingston on this one. Go to the planning department and try and get that rebuild letter - the property may be grandfathered - otherwise there are not a whole lot of investors out there that will take that risk.
- Justin Livingston, "JustinLivingston"
- Contributions:9
The place you will want to start is with the planning department that governs your zoning. You WILL need a letter from them stating that the current structure can be rebuilt if destroyed. I have been successful in refinancing properties in this situation in Oregon if you can get that letter!
Best regards,
Justin Livingston
NMLS #270091
- Paul Mondello, "Paul Mondello"
- Contributions:2097
It sounds like it could have been purchased/situated/classified/justified as a mixed use property. Banks like HBC did those types of loans at not to much above residential level rates back in 03.
These days you may be having to go a route such as this:
http://www.commercialbanc.com/oregon-commercial-loans.html
These days you may be having to go a route such as this:
http://www.commercialbanc.com/oregon-commercial-loans.html
Where can I go to get a Refi on a triplex that is now zoned industrial?
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