Spartan Commercial Mortgage is an Office Condo Lender that covers most of the United States. We offer programs that are tailor made to fit your needs. These are programs are ideal for either a purchase or refinance. Furthermore, we offer Stated Income as well as Conventional Commercial Mortgages. As and Office Condo Lender, we only do loans for owner occupied units.
All Property Types we Finance
- Apartment Buildings
- Mixed-Use
- Retail
- Office and Office Condos
- Auto Repair (Not Gas Stations)
- Day Care
- Funeral Home
- Beauty Shops
- Motels as well as 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 between 75% and 80% for Office Condo Loans.
Credit Scores for Office Condo Mortgages:
- 725 Min Score for our Elite Program
- 650 Min Score for our Traditional Program.
- 649 and Below for our Alternative Solutions Program
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.
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 prepayment terms.
States: We transact commercial mortgages in 42 states. Except for Alaska, Alabama, Hawaii, Michigan, Nevada, North Dakota, Vermont as well as West Virginia.
In conclusion, we are here to help with your upcoming Office Condo 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. And, we will work with you every step of the way.
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