When we say mixed use development, we are actually referring to buildings that have several number of units which are zoned for different types of purposes. Not only that, there goes the fact as well that they are being used for residential as well for as for commercial purposes. These include shopping centers and also, office building spaces. Not only that, it has been said as well that multifamily properties are included in this matter too. In addition to that, we also want you to know that mixed uses are for industrial units, for institutional units and also, for cultural units.
Another thing about mixed-use development that you should be aware of is the fact that they are buildings that can be used for mixed purposes as well. For instance, it is possible for the lower floors to be used for retail stores while the upper ones can possibly be used as residential units. There are some loans that come from the government which require at least eighty percent of the residential use. With that being said, it is very important to be aware about the ways on how you can possibly finance your mixed-use development. Having the ability to find the right and proper financing institution like Assets America is very important.
There are other things that you have to be aware of when it comes to mixed-use properties such as the fact that you can have both long-term financing as well as short-term financing. Furthermore, we want you to know as well that the construction phase of these mixed-use properties are financed by interest-only, mixed-use development loans. You have other choice for loans as well like the commercial mortgage bridge loan at assetsamerica.com that comes from banks and also, private lenders. Most of the time, these banks as well as private lenders are being backed by various kinds of government agencies. The term has the potential of lasting for eighteen months however, for larger projects, they can take up to five years or more. And also, if ever the spaces in the mixed-use building are stabilized and leased, this only goes to show how you have to get the mini-perm loan for the construction phase of the property or unit.
You have to be awar of the fact as well that this kind of loan is known for having terms that may last up to five years. Once five years is up, they will then be replaced by permanent commercial takeout loans. This means that mortgages which are amortization terms are getting involved. The said term is known for lasting up to thirty years, at most. You can also click this website for more facts about real estate, visit http://www.ehow.com/how_2050280_create-real-estate-listing.html.