Commercial Mortgages for Apartment Buildings
Where do you find the right Commercial Mortgages for apartment buildings? Here at Spartan Commercial Mortgage. We are an Apartment Building Lender. First of all, we have the ability to get your loan closed quickly with great rates. Our apartment loans are amazing for either a purchase or refinance. Furthermore, we offer Stated Income and Conventional Options. As well, borrowers can finance up to 80% (for a purchase) of their apartment building on a 30 year fixed loan. Finally, our minimum loan size is 100K and our maximum loan size is 2 Million.
LTV: Maximum LTV is 80% for a purchase as well as 75% for a Cash Out Refinance
Credit Scores for Commercial Mortgage Loans:
- 725 Min Score for our Elite Program
- 650 Min Score for our Traditional Program.
- 649 and Under for our Alternative Financing.
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.
Apartment Building Lender 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. Most important for borrowers to know is that 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 as option 1. Option 2 is for a 5 year 5% prepayment penalty – which gives the best rate. Call 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 Apartment 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 financing is seamless – your loan will close quickly.
Call today for a free consultation or click here to get pre-approved. Commercial Mortgages for Apartment Buildings are our expertise!
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572