Spartan Commercial Mortgage specializes in Flip Mortgages for real estate investors. All loans include financing for purchase as well as 100% of the construction funds to renovate the property. That is correct, 100% of the rehab is covered!

About Our Program

• 1-4 unit properties
• Non-owner occupied
• 12-18 month terms
• Loans range from $75,000-$5 million
• Loan-to-value to 80% to 95-% of purchase the purchase price
• 100% of the rehabilitation funds provided
• 70% maximum after repair value
• No prepayment penalty
• No Fee for the application

Tell Me More About Flip Mortgages?

When working with a fix and flip hard money provider, investors usually need to provide more capital up front to devote to the project. Typically, a hard money fix and flip loan will finance between 80% to 90% of the overall project cost, which means the investor will have to cover the remaining 10%-20% up front. Interest rates can vary but are usually around 8% to 10% with origination points running between 0% to 3%.

The terms of hard money loans are relatively short and are specifically tailored for fix and flip projects with clearly defined timelines. When compared to 203K loans, hard money lenders are considerably more flexible regarding the loan approval metrics and underwriting policies as well as having the ability to close the lending process in a fraction of the time it takes conventional banks to.

At Spartan Commercial Mortgage we pride ourselves on helping you every step of the way to get your loan closed. We offer fast and competitive financing solutions in Connecticut, Massachusetts, Rhode Island, New York, and New Jersey. Borrowers can contact us below for the application. As well, you can click here to apply online.

Thanks,

Michael Meyer

President Spartan Commercial Mortgage Services 

mike@spartancommercialmortgage.com  

(860) 876-0572

The post Flip Mortgages for Real Estate Investors appeared first on Spartan Commercial Mortgage.

Spartan Commercial Mortgage Services offers Apartment Building Commercial Mortgages tailor made to fit your needs. This program is great for either a purchase or refinance. Furthermore, we have DSCR, Stated Income, and Conventional Options. Borrowers can finance up to 80% (for a purchase) of their apartment building commercial mortgage on a 30 year fixed loan. Even more, our rates are very competitive!

All Allowed Property Types:

• Apartment Buildings and Multi-Family Properties
• Mixed-Use
• Retail and Office
• Auto Repair (Not Gas Stations)
• 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)
• Also, Gas stations (although, we will lend on auto repair/auto body shops) are not allowed.

LTV: Maximum LTV is 80% for a purchase and 75% for a cash out refinance.

Credit Scores for Apartment Building Commercial Mortgages:

• 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 Loan 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.  Or, for a cheaper rate, borrower can take a 5 year 5% prepayment penalty.

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 stated income apartment loans closed 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

Proud Sponsor of Youth Sports

The post Apartment Building Commercial Mortgages appeared first on Spartan Commercial Mortgage.

There are many different types of Commercial Buildings we offer financing on. Retail, Warehouses, Storage, Light Industrial, Apartments, Mixed Use, and Stand Alone Buildings are easily financed through our program

All Allowed Property Types:

• Apartment Buildings and Multi-Family Properties (1-4 units allowed as well as 5+units)
• Mixed-Use
• Retail and Office
• 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)
• Also, Gas stations (although, we will lend on auto repair/auto body shops) are not allowed.

LTV: Maximum LTV is 80% for Commercial Mortgage Financing

Credit Scores for Commercial Mortgage Refinance Loans:

• 720 Min Score for our Elite Program
• 650 Min Score for our Traditional Program.
• 600 Min Score for our Hard Money Solutions

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 4 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 me for shorter prepayment terms.

States:   We transact commercial mortgages in most 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 Refinance 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, as said earlier, 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

The post Commercial Mortgage Refinance Loans are Now Better Than Ever appeared first on Spartan Commercial Mortgage.

Spartan Commercial Mortgage provides Fix and Flip Mortgage Loans to real estate investors.  Most noteworthy of these loans are our Line of Credit fix and flip loans as well as our fix and hold loans.  These programs are ideal for investors that are looking to close on properties quickly and begin renovation. 

How it Works

The Fix and Flip/Hold Mortgage Line of Credit allows the borrower/Investor to draw out money as he or she pleases.  This is done for the purposes of buying as well as fixing and ultimately flipping the property.  Or the property investor may choose to refinance and then rent out the properties! Here is a quick overview of the program:

1. First of all, you do not have to have experience with Flipping properties.

2. Secondly, borrowers can purchase multiple properties with this line of credit.  The investor line of credit renews automatically once the property is flipped. 

3. In addition, the standard length of this program is 12 months.  And extensions are available for longer!

4. Furthermore, investor mortgage credit lines are from 50K to 5MM.

5. Finally, the funding of this program is up to 80%/85% of the purchase and 100% of the rehab.

Eligible Properties

– Single-family detached residences (SFR).
– 2-4 unit residences.
– Condominiums are also acceptable.
– Townhomes.

Call us today for a free consultation or click here to get pre-approved. We specialize in Fix and Flip Programs and are waiting or your call.

Thanks,

Michael Meyer

President Spartan Commercial Mortgage Services 

mike@spartancommercialmortgage.com  

(860) 876-0572

The post Flip Mortgage Loans for Real Estate Investors appeared first on Spartan Commercial Mortgage.

Spartan Commercial Mortgage Services offers Real Estate Investor Mortgage Loans tailor made to fit your needs. These programs are great for either a purchase or refinance. Borrowers can finance up to 80% on a 30 year fixed loan. Even more, our rates are very competitive! We have the ability to close your loan quickly and pride ourselves on customer service. We offer Stated Income Mortgages, DSCR, Conventional Commercial Mortgages, Fix and Flip Loans, as well as Fix and Hold Loans.

All Allowed Property Types:

• Apartment Buildings and Multi-Family Properties
• Mixed-Use
• Retail and Office
• Auto Repair (Not Gas Stations)
• Day Cares
• 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)
• Also, Gas stations (although, we will lend on auto repair/auto body shops) are not allowed.

LTV: Maximum LTV is 80% for a purchase and 75% for a cash out refinance.

Credit Scores for Real Estate Investor Mortgage Loans:

• 725 Min Score for our Elite Program
• 650 Min Score for our Traditional Program
• 649 and under for alternative financing programs

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 4 weeks.

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 as well as loan to value.

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: We offer a Declining 5%-4%-3%-2%-1% Prepay Penalty as well as a 5 year 5% Flat Prepay (this allows for the lowest rate possible).  Call us for alternative 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 and offer all types of investor mortgages.   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 look forward to working with you.

Call us today for a free consultation or click here for our online inquiry.

Thanks,

Michael Meyer

President Spartan Commercial Mortgage Services 

mike@spartancommercialmortgage.com  

(860) 876-0572

The post Real Estate Investor Mortgage Loans in Connecticut appeared first on Spartan Commercial Mortgage.

Spartan Commercial Mortgage is one of the few places where real estate investors can get a 30 year fixed commercial mortgage on their real estate investments. This typically gives borrowers a sense of security. And even more, our rates are some of the lowest in the nation (even with the recent rate hikes). Furthermore, we have the ability to close quickly and provide great customer service every step of the way.

Any experienced real estate investor knows that lender’s typically only offer terms of 5 or 7 years on commercial loans.  At the end of the term the rate becomes adjustable. So, borrowers are rolling the dice as to where the market will be in the future and how high their rate can rise. Higher rates mean less profit. Which in turn means less cash flow for the real estate investor.

Hybrid or variable rate loans can leave borrowers feeling helpless during times of market fluctuation. And a looming balloon payment can levy unnecessary stress upon borrowers who should be focused on running their business or managing their investment portfolio.

Borrowers who experience these concerns would feel more comfortable with something similar to the 30-year fixed rate term available for residential mortgages.  The problem is that most commercial lenders don’t offer such a product.

Until now, that is.

Spartan Commercial Mortgage offers a 30-year fixed rate option for commercial loans between $100k and $3 million! This can be for a purchase or a refinance. We offer Conventional, Stated Income, DSCR, as well as No Doc options. Most important to note, is that on most of our loans there are no points. Which means great savings and more cash in the pocket of the real estate investor.

Here a few examples of borrowers who could be a great fit for a 30-year fixed rate commercial loan:

1. Borrowers who want to lock in the stability of a long-term rate on their investment
2. Borrowers who want to maximize cash flow during their loan’s term
3. Finally, Borrowers who generally want to reduce worry from market fluctuation.

Here are some additional guidelines:

• Rates depend on LTV, credit score, Debt Servicing, property type, and % of occupancy.
• LTVs up to 80% on a purchase as well as 75% for a Cash Out Refinance
• Minimum FICO: 660
• Allowable property types are: 1-4 units, apartments. office buildings, retail, self storage, mixed use, warehouses, mobile home parks, and more.

In conclusion, we are here to help with your upcoming commercial mortgage.  We say “Yes” when your local bank says “No.” 

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

The post 30 Year Fixed Commercial Mortgage Loans appeared first on Spartan Commercial Mortgage.

We offer several investor line of credit mortgage options for our borrowers.  Most noteworthy of these options is our investor fix and flip loans as well as our fix and hold loans.  This program is ideal for investors that are looking to close on properties quickly and begin renovation. 

How it Works

The Fix and Flip/Hold Mortgage Line of Credit allows the borrower/Investor to draw out money as he or she pleases.  This is done for the purposes of buying as well as fixing and ultimately flipping the property.  Or the property investor may choose to refinance and then rent out the properties! Here is a quick overview of the program:

1. First of all, you do not have to have experience with Flipping properties.

2. Secondly, borrowers can purchase multiple properties with this line of credit.  The investor line of credit renews automatically once the property is flipped. 

3. In addition, the standard length of this program is 12 months.  And extensions are available for longer!

4. Furthermore, investor mortgage credit lines are from 50K to 5MM.

5. Finally, the funding of this program is up to 85% of the purchase and 100% of the rehab. The program allows for 70% financing of the final rehabbed property.

Eligible Properties

– Single-family detached residences (SFR).
– 2-4 unit residences.
– Condominiums are also acceptable.
– Townhomes.
– Planned Urban Developments (PUD).

Call us today for a free consultation or click here to get pre-approved. We specialize in Fix and Flip/Hold Loans and are waiting or your call.

Thanks,

Michael Meyer

President Spartan Commercial Mortgage Services 

mike@spartancommercialmortgage.com  

(860) 876-0572

The post Real Estate Investor Line of Credit Program appeared first on Spartan Commercial Mortgage.

Spartan Commercial Mortgage offers the best commercial mortgage programs on the market for real estate investors. Spartan Commercial Mortgage (SCM) was founded with the purpose of helping investors grow their business. As well, SCM wanted to do so while offering great rates and a 30 year fixed term. Even more, we are often able to do so without charging any points!

What kind of deals are a good fit for Spartan’s programs?

We specialize in providing alternative commercial mortgage loans between $100,000 and $5 million for real estate investors and business owners who can’t or won’t work with banks. More specifically, we lend on turnkey properties, 1-4 units, 5+ unit apartment buildings, Mixed Use, Office, Retail, and Stand Alone Buildings. Finally, we offer fix and flip loans for 1-4 unit residential properties.

What makes us different from traditional bank lenders?

SCM boasts more flexible loan programs, faster closing schedules, and fewer documentation requirements than traditional bank options.  With banks turning down 80% of the applicants they talk to, this is where SCM comes in. SCM offers Conventional, Stated Income, as well as No Doc commercial mortgages. Even more, we close loans quickly!

Do you lend in all 50 states?

SCM lends in all U.S. states except Hawaii, Idaho, Michigan, Montana, Nevada, North Dakota, South Dakota, Tennessee, Vermont, West Virginia, and Wyoming.

How long does it take for a commercial loan to close?

Every scenario is different, but SCM’s mortgage experts are often able to complete a transaction in 30-40 days.

Which types of borrowers are eligible for SCM’s loans?

SCM lends to U.S. citizens, permanent resident aliens, as well as legal entities (LLCs). Additionally, we now offer loans to Foreign Nationals.

Call today to get a free consultation or click here to get pre-approved.

Thanks,

Michael Meyer

President Spartan Commercial Mortgage Services 

mike@spartancommercialmortgage.com  

(860) 876-0572

Proud Sponsor of Connecticut Youth Rugby

The post What is the Best Commercial Mortgage Program Available? appeared first on Spartan Commercial Mortgage.

Fix and Flip Mortgages

Fix and Flip Mortgages are a great resource for Real Estate investors.  Most noteworthy among these programs are our investor fix and flip or fix and hold investor Lines of Credit.  These programs are ideal for investors that are looking to close on properties quickly and begin renovation. 

Investor Line of Credit

The Fix and Flip Mortgages are set up as a line of credit. This allows the borrower/Investor to draw out money as he or she requires.  The line can be used for buying as well as fixing the property.  Here is a quick overview of the program:

1. You do not have to have experience with flipping properties to qualify for this type of financing.

2. Secondly, borrowers can purchase multiple properties with this line of credit.  The line of credit renews after every flip.

3. In addition, the standard length of this program is 12 months.  And extensions are available for longer!

4. Furthermore, investor mortgage credit lines are from 50K to 5MM.

5. Finally, the funding of this program 80%-90% LTV of the purchase and 100% of the rehab. The program allows for 75% financing of the final rehabbed property. Essential

Eligible Properties

– Single-family detached residences (SFR).
– 2-4 unit residences.
– Condominiums as well as Town-houses.
– Planned Urban Developments (PUD) are also acceptable.

Call us today for a free consultation. The preapproval process is very easy. We specialize in Investor Rehab Loans and are waiting or your call.

Thanks,

Michael Meyer

President Spartan Commercial Mortgage Services 

mike@spartancommercialmortgage.com  

(860) 876-0572

Sponsor of Connecticut Youth Sports

The post Fix and Flip Mortgages and How They Work appeared first on Spartan Commercial Mortgage.

There are many different types of real estate we offer alternative financing on. Single Family Investments, 2-4 Units, Apartments, Retail, Warehouses, Storage, Light Industrial, Mixed Use, and Stand Alone Buildings are easily financed through our program

All Allowed Property Types:

• Apartment Buildings, Single Family, Multi-Family Properties
• Mixed-Use
• Retail and Office
• 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)
• Also, Gas stations (although, we will lend on auto repair/auto body shops) are not allowed.

LTV: Maximum LTV is 80% depending on the scenario.

Credit Scores for Alternative Financing:

• 725 Min Score for our Elite Program
• 650 Min Score for our Traditional Program.
• 649 And Below for our Hard Money Solutions

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 4 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 shorter/alternative 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 building 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

Proud Sponsor of Youth Sports

The post Alternative Financing Solutions for Commercial Real Estate appeared first on Spartan Commercial Mortgage.