Can three separate units on same plot of land have 3 separate mortgages?

Deal Score0

We are interested in a 3 unit property on the same plot of land. A friend of mine just bought a 9 unit where 7 units were in one building and 2 were in another. He was able to get one commercial loan for the 7 units and a residential loan for the other. So if there is a property we are looking at that has 3 separate buildings, could we get three separate loans? There is one house and two cottages.

1 Comment
  1. Reply
    Matthew M
    August 2, 2012 at 9:53 am

    This will all depend on how the deed is registered. If all 3 building are listed on one land under 1 deed, then you will have to get one loan. Usually, a loan is considered a residential loan fo 1 to 4 units.

    Leave a reply

    Register New Account
    Reset Password