Spartan Commercial Mortgage Services is your local Commercial Mortgage Company for when you need a No Income Commercial Mortgage! We specialize in financing investment real estate. We cover most of the United States with a focus on the North East and East Coast. Spartan Commercial Mortgage offers Stated Income Commercial Mortgages as well as Conventional Commercial Mortgages. Furthermore, we offer Fix and Flip, Fix and Hold, and alternative funding solutions.
Presently, we are also able to offer a No Income Commercial Mortgage that will allow real estate investors to finance multiple properties at up at 80% LTV. Clients can qualify based on a rental analysis to determine property cash flow. No personal income is required to qualify. This saves you from submitting complicated income statements and tax returns. Here is an overview of this great new program:
No Income Commercial Mortgage Overview
- Loans up to $1 million, Minimum loan of $100,000
- Qualification based on property cash flow − Minimum DSCR 1.10
- No personal income / no employment needed
- Properties can be in LLC’s name
- No limit on total number of properties
- Purchase and cash-out or rate-term refinance
- Minimum Credit Score is a 680
- All units must be residential (no commercial or mixed use) and 1-4 units.
- Properties must be mostly turnkey (this is not a rehab loan)
- Non-warrant-able condos are OK
Property investors can grow their portfolios faster thanks to the Investor Cash Flow Loan Program. These loans can not be utilized as a blanket loan, but borrowers can finance multiple properties in the program.
Why this is Amazing
his program is ideal for the real estate investor that targets 1-4 unit rental properties and wants to grow. Borrowers can close their loans in under 30 days.
Furthermore, this is a true no income Loan. Borrowers do not even need to provide personal income information with this program. The property gets approved on it’s own merit. Meaning, that if the rental income justifies the loan then the loan will close. Even more, this program allows for faster closings than most traditional residential mortgages.
So, what about the rates?
Like most loans, rates will vary depending on the scenario. With the No Income Commercial Mortgage Loan, borrowers can get terms for 30, 25, 20, or 15 years as a principal and interest loan. Borrowers credit scores and experience do get taken into consideration with determining rates. Rates presently are varying greatly on a 30 year fixed commercial loan. But again, this depends on the loan scenario. Call us for a true rate quote.
What is next?
Well, if you read this far into this overview most likely you are a real estate investor looking for financing solutions. So, the next step is easy. All you need to do is call us at the number below or click this link to start the pre-approval process. Spartan Commercial Mortgage Services prides itself on customer service and will work with you every step of the way to get your loan closed quickly and at a great rate. We offer free consultations and look forward to hearing from you.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572