Spartan Commercial Mortgage Services is a Commercial Mortgage Company that specializes in Commercial Refinance Mortgage Options. Whether it is for a rate and term loan or for a cash out refinance, we can help. 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 rates are very competitive on our 30 year fixed commercial mortgages.
There are many different types of Commercial Buildings we offer financing on. Warehouses, Storage, Light Industrial, Mixed Use, Apartment, as well as Stand Alone Buildings are easily financed through our programs.
All Allowed Property Types:
- Apartment Buildings and Multi-Family Properties
- Mixed-Use
- Retail and Office (as well as Office Condos)
- 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 75% for Commercial Building Loans on a cash out refinance.
Credit Scores for Commercial Refinance Mortgage 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 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 us for alternative 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 refinance 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. 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