Mtg Rates for Mixed Use Properties + Request for advice

[Nejo]

Exploring the option of purchasing a mixed use storefront and building another level for residential, the building is currently two levels (first is retail, second is residential) and I'd like to build a third for residential. If more than 60% will be used for residential is it possible to secure a residential or a blended rate? Does anyone have any experience doing this? Would you have a structural engineer do the inspection? I'd like to have a good idea if the building will support another level and the costs associated with building an addition. I've spoken with the city planner and they believe the addition is possible without going to COA given the size/ratio of the addition I have in mind. Any tips or experiences you have to share would be valuable.

Thanks!

 

[Torontotony]

Hello Nejo,

I can speak to the financing aspect of your question.
Interest rates on Mixed Use Commercial/Residential mortgage are just slightly higher than a comparable residential mortgage. These mortgages are considered commercial and as such are priced accordingly.

Regards,
Tony