InvestorDocs vs ApartmentDocs/CommercialDocs
If it is a true multi-family property with 5+ units, then the property is legally presumed to be a commercial property and is not at risk of being deemed a residential property and, thus, does not require the same level of business purpose and/or non-owner occupied certifications. Likewise, if the loan is for 5+ SFRs that are held for commercial leasing purposes, but which could be used for a borrower's and/or guarantor's personal residence, then we recommend that this loan be treated as an InvestorDocs loan and have included the recommended business purpose and/or non-owner occupied certifications. You will find reference in Section O of the Note as per screenshot below:
