The first myth that I want to cover with you, is whether Residential Assisted Living is considered commercial or residential. We talk about Residential Assisted Living because it's a single family home, in a residential neighborhood. Now the home itself might be a little bigger than your average home but we are using this for commercial purpose. I didn't say we're operating a business that's different because most places that have an HOA, and have covenants, codes and restrictions, are going to have some kind of wording in there that says you can't operate a business out of your home.
When we talk about Residential Assisted Living, it is a residential home and a group home for the elderly, so it's not a business. We don't have a lot of customers coming and going all day long. When it comes to the lending, It's a residential home. It's non owner occupied, so you could pretty much go to any bank as if you're just going to buy a house that you're going to use as a rental property, it's called non owner occupied because you're not living in the house. You can also use private lenders, investors and joint venture partners, people who will provide the capital that's needed.
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