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Do mortgages for income property differ? Illinois

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  • Do mortgages for income property differ? Illinois

    Are there any major differences in a mortgage for a small apartment complex as versus the usual homeowner mortgage?

    I believe mortgages for income property have higher rates, and tougher rules for after foreclosure. Are there other important differences, or not?
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  • #2
    I believe this poster may be trying to advertise the website listed. The person has two other threads they started where one is how to cover up their debts & the other is looking for parts for a Mercedes. (Just a FYI)
    Last edited by Betty3; 08-05-2007, 01:48 PM. Reason: add other threads
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    • #3
      If you are looking to get financing for a apartment complex, you should look into commercial loans. They have a lot of advantages vs. a residential mortgage.


      • #4
        Yes i agree with the last post

        A commercial mortgage provides a venue for financing a real estate purchase without tying up short term credit or large sums of cash that may be better utilized for other business purposes.

        Also like a residential mortgage, once you have a commercial mortgage you may apply for a second mortgage when your property has accumulated sufficient equity that may be put to better use, such as a source of funds for financing growth opportunities.
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