Investor Condo Loans with Great Rates
Spartan Commercial Mortgage is now offering Investor Condo Loans. We allow for Warratable and Non-Warrantable Condominiums. Borrowers have the ability to do these loans as a Conventional, Stated Income, or No Doc Loan. Condos must be at least 500 sq feet in size and the unit must be turnkey. Furthermore, the HOA must be in the condo owner’s control and not in the devleoper’s (in the event this is a new development).
Credit Scores for Stated Loan Mortgages:
- 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). Also, the fix and flip (rehab) commercial loan can be closed in under 3 weeks.
Investor Condo Loans Financing 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 as option 1. Option 2 is for a 5 year 5% prepayment penalty – which gives the best rate. 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 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 investor condo loan 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 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