If your client doesn't qualify for an A lender, an alternative lender may be the ideal solution. To help you understand the various property types listed on Lender Spotlight, we've prepared a guide that explains each definition, making it easier to find the best lender for your needs.

A property with a significant amount of land, often located in rural areas. Acreage properties can range from small parcels to large plots, and they may be used for farming, development, or recreational purposes.

A self-contained residential unit within a larger building, typically found in urban or suburban areas. Each unit is independently owned or rented, and residents share common areas such as hallways, elevators, or amenities.

Properties used for cannabis-related activities, such as cultivation or retail operations. These properties may face more scrutiny during the mortgage approval process due to the regulatory and legal complexities associated with cannabis businesses.

A privately owned residential unit within a condominium building or complex. Owners share ownership of common areas, such as gyms, pools, or lobbies, but are individually responsible for their units.

A standalone home that is not connected to any other property. Detached homes often come with more privacy and space but may also require more maintenance and higher costs compared to attached housing types.

A property where the land is leased from another party (often the government or a landowner) for a set number of years. The homebuyer owns the structure but not the land, and lease renewals or extensions are often required.

A pre-fabricated home that is either fully or partially built off-site and transported to the property. These homes can be mobile (able to be relocated) or modular (permanently affixed to a foundation).

A residential building with two separate units, each having its own entrance. Duplexes are often used for rental income, with one unit rented out while the owner resides in the other.

A residential building that contains four separate units, each with its own entrance. This type of property can serve as an investment, with owners typically renting out the units for income.

A residential building that contains three separate units. Triplexes offer similar benefits to duplexes and quadplexes, providing potential rental income or multi-family living options.

Land that is undeveloped and does not contain any buildings or structures. Raw land can be purchased for investment, development, or personal use, but often requires additional funds for development and infrastructure.

A property with multiple rooms rented individually, often catering to students or individuals looking for affordable housing. Common areas like kitchens and bathrooms are typically shared among tenants.

Properties that are only accessible during certain times of the year, often due to weather conditions (e.g., cottages or cabins that can only be reached in the summer). These properties may have limited access to utilities or services during off-season months.

A property that is not the owner's primary home but is used as a second residence, often for vacations or part-time living. These properties are typically located in desirable areas such as beach towns or rural retreats.

A residential building that shares one wall with an adjoining unit. Semi-detached homes offer more privacy than townhouses but less than detached homes.

A multi-story home that shares walls with adjacent properties. Townhouses are typically found in urban or suburban areas and may include a small yard or patio area. Each unit has its own entrance, and ownership includes both the structure and the land.

Properties that do not fall into conventional categories, often due to unusual design, location, or usage. Unique properties can include converted churches, historical buildings, or eco-friendly homes with innovative construction materials.

These definitions are crafted to assist brokers in understanding different property types for residential loans.

For more information or if you have any questions about commercial loan options, feel free to reach out. Simply click the chat bubble to connect with our customer service team.