Spartan Commercial Mortgage Services is a Connecticut Commercial Mortgage Company that specializes in Commercial Building Loans. We cover most of the United States with a focus on the North East and East Coast. We offer Stated Income Commercial Mortgages as well as Conventional Commercial Mortgages. Furthermore, our program is ideal for a purchase or refinance. Our rates are very competitive and we offer quick closings.
There are many different types of Commercial Buildings we offer financing on. Warehouses, Storage, Light Industrial, Mixed Use, Apartment, and Stand Alone Buildings are easily financed through our program
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 (any loan requiring rehab work must equal 10% or less of the property value)
- Gas stations (but, Auto Repair Buildings are acceptable)
LTV: Maximum LTV is 80% for Commercial Building Loans. The LTV will be determined on the type of commercial property as well as the profitability of the property.
Credit Scores for Commercial Building Loans:
- 725 Min Score for our Elite Program
- 650 Min Score for our Traditional Program.
Closings: Three to four weeks (the timeline is based on how quickly we receive all the required information).
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.
Prepay: Declining 5%-4%-3%-2%-1% Prepay Penalty. Call me 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 mortgage. 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. And, we will work with you every step of the way. Because the approval process for a Commercial Building Mortgage is seamless – your loan will close quickly.
Call 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