Can three separate units on same plot of land have 3 separate mortgages?
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.
Tags: can there be one deed for two plots of land, how to separate units with the same address, Land, Mortgages, plot, Same, Separate, three, units
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.