Commercial Loans
Multifamily
Structures containing five or more dwelling units with common area facilities such as entrances, lobby, elevator, stairs, mechanical space, walks or grounds. Units must be rented on a non-transient basis such that tenants consider their unit their permanent residence. Properties that offer weekly or monthly housing would not be considered multifamily properties.
Multifamily properties containing four or less units are generally not considered commercial and are covered under our residential mortgage programs.
Mixed-use
Mixed-use properties must contain at least one commercial unit (retail, office etc.) and at least one residential unit. Common types of mixed-use properties include a ground floor retail or office unit with apartment(s) above, all within the same building. The primary use at the property must be for residential purposes in order for it to be considered Tier 1 mixed-use. The mixed-use property type can be classified in any tier depending on the percentage of the multi-family component and the type of commercial use.
If the primary use at the property is for commercial purposes, the property will fall under our mixed-use Tier 2 guidelines.
Bed and Breakfast
Bed and Breakfast inns are residential-type buildings designed for transient boarding and are family style in character. B&B inns are usually one structure but some may include an adjacent guest cottage with similar quality amenities as the main unit. Owner operators live on-site, usually within the main building.
Office
Office buildings are buildings designed for general commercial occupancy and are normally subdivided into smaller units. Office use implies a general business use that does not include retail, manufacturing or warehouse type operations.
Retail
Retail buildings are designed for retail sales and display and usually have display or decorative fronts. This retail classification encompasses a wide variety of uses including, but not limited to: markets, convenience stores, drugstores, department stores, big box retailers, barber shops, laundry mats, etc.
Warehouse
Warehouse buildings are designed primarily for storage purposes. An amount of office space included is usually commensurate with the quality of the building but typically rages from 3% to 12% of the total area. Plumbing and lighting are usually limited due to anticipated light personnel load. The design of the building usually includes a light frame with large open interior areas. Cold storage and transit warehouses (truck terminal) are included in this category.
Self Storage
Mini-warehouses are warehouses subdivided into a mixture of cubicles of generally small size, designed primarily to be rented for small self- storage or noncommercial storage and may include some office-living space.
Light Industrial
Light industrial is characterized by a small size facility where no heavy manufacturing or specialized industrial process takes place. Office space within light industrial ranges from 3% to 25% of the total area. Buildings must include sufficient plumbing and lighting to accommodate personnel. Common uses found in light industrial properties may include: cabinet making, assembly processes, home service industries, etc. Absent from these properties is any type of heavy machinery, welding operations, cranes or hazardous materials.
Mobile Home Park
Mobile home parks are considered as long as not more than 25% of the total spaces are used for RV. Mobile home parks vary in quality and amenities and all will be considered unless the RV component is too high.