Spartan Commercial Mortgage Services offers Real Estate Investor Mortgage Loans tailor made to fit your needs. These programs are great for either a purchase or refinance. Borrowers can finance up to 80% on a 30 year fixed loan. Even more, our rates are very competitive! We have the ability to close your loan quickly and pride ourselves on customer service. We offer Stated Income Mortgages, Conventional Commercial Mortgages, Fix and Flip Loans, as well as Fix and Hold Loans.
All Allowed Property Types:
- Apartment Buildings and Multi-Family Properties
- Mixed-Use
- Retail and Office
- Auto Repair (Not Gas Stations)
- Day Cares
- 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)
- Also, Gas stations (although, we will lend on auto repair/auto body shops) are not allowed.
LTV: Maximum LTV is 80% for a purchase and 75% for a cash out refinance.
Credit Scores for Real Estate Investor Mortgage Loans:
- 725 Min Score for our Elite Program
- 650 Min Score for our Traditional Program
- 649 and under for 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 4 weeks.
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 as well as loan to value.
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: We offer a Declining 5%-4%-3%-2%-1% Prepay Penalty as well as a 5 year 5% Flat Prepay (this allows for the lowest rate possible). 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 and offer all types of investor mortgages. 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 look forward to working with you.
Call us today for a free consultation or click here for our online inquiry.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572