Investor Condo Loans with Great Rates

Spartan Commercial Mortgage offers Investor Condo Loans. We allow for Warrantable and Non-Warrantable Condominiums. Borrowers have the ability to do these loans as a DSCR, 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 developer’s (in the event this is a new development).

Credit Scores :

• 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).

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.

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