Spartan Commercial Mortgage Services is your one stop real estate investor resource for all of your financing needs. Loan to Value lending has risen up to 80% on turn key property purchases. On Fix and Flip Loans, borrowers can get up to 100% financing of the rehab and up to 85% of the purchase price!
To qualify for the low commercial mortgage rates, borrowers will need to have a great credit score. As well, the lower the loan to value is – the lower the mortgage rate becomes. But commercial mortgage rates have started to decrease – so, even if you are doing an 80% loan to value purchase – rates are very competitive. Furthermore, there are now rate incentives for borrowers with experience in real estate investing. The more experience you have – the lower the rate becomes.
All Allowed Property Types:
- Apartment Buildings and Multi-Family Properties
- Mixed-Use
- Retail and Office
- Auto Repair
- Day Care
- Funeral Home
- Beauty Shops
- Motels/Hotels
- Warehouse
- Mobile Home Parks
- Campgrounds
- Churches
- Self-Storage
- Dry Cleaner (Drop off only)
- Finally, Recreational properties
Ineligible Properties:
- Raw land
- Likewise, land requiring “ground up” construction
- Also, Gas stations (although, we will lend on auto repair/auto body shops) are not allowed.
LTV: Maximum LTV was 80% for Commercial Building Financing
Credit Scores for Low Commercial Mortgage Rates:
- 720 Min Score for our Elite Program
- 660 Min Score for our Traditional Program.
- 600 Min Score for our Hard Money Solutions
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 4 weeks.
Commercial Building Mortgage 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 and if the borrower agrees to buy down the rate.
Prepay: Declining 5%-4%-3%-2%-1% Prepay Penalty. Call us for shorter 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 building Loan. 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. We will work with you every step of the way. Because the approval process for getting a Commercial Mortgage 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