Spartan Commercial Mortgage Services offers Self Storage Building Financing Loans throughout the Country. We specialize in financing this type of commercial real estate. 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.
All Commercial Real Estate Types We Finance:
- Apartment Buildings and Multi-Family Properties
- Mixed-Use
- Retail and Office
- Auto Repair (Not Gas Stations)
- Day Care
- Funeral Home
- Beauty Shops
- Motels/Hotels
- Warehouse
- Mobile Home Parks
- Campgrounds
- Churches
- Self Storage Facility Mortgage Loans
- Dry Cleaner (Drop off only)
- Finally, Recreational properties
Ineligible Properties:
- Raw land
- Likewise, land requiring “ground up” construction (any loan requiring rehab work must equal 10% or less of the property value)
- Also, Gas stations (although, we will lend on auto repair/auto body shops) are not allowed.
LTV: Maximum LTV is 80% for Self Storage Facility Mortgage Loans before the pandemic of 2020. Loan to Values are now considered on a case by case basis.
Credit Score Requirements For Self Storage Building Financing:
- 720 Min Score for our Elite Program
- 660 Min Score for our Traditional Program
- 659 Scores and under can qualify for our Alternative Financing Programs
Closings: Three to four weeks (the timeline is based on how quickly we receive all the required information). Also, the fix and flip (rehab) commercial loan can be closed in under 3 weeks.
Financing Rates: We offer 30 year fixed rates, 25 year fixed rates, 20 year fixed rates, 15 year fixed rates, and 5 or 7 year adjustable rate mortgages. Rates will vary depending on credit score.
Points: While Spartan Commercial does their best to not charge any upfront points, in some cases 1 to 2 points are charged depending on the transaction.
Prepay: Declining 5%-4%-3%-2%-1% Prepay Penalty. Call us for alternative prepayment terms.
States: We transact commercial mortgages in 42 states. Except for Alaska, Alabama, Hawaii, Michigan, Nevada, North Dakota, Vermont and West Virginia.
In conclusion, we are here to help with your upcoming Commercial Self Storage Building Financing. We say “Yes” when your local bank says “No.” Since we specialize in this type of financing we are able to help you get your commercial mortgage closed quickly. Furthermore, we will work with you every step of the way. Because the approval process for financing is seamless – your loan will close quickly.
Call us today for a free consultation or click here to get pre-approved.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572