Spartan Commercial Mortgage is an Apartment Building Lender that has the ability to get your loan closed quickly with great rates. Our apartment loans are great 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.
All Allowed Property Types:
- Apartment Buildings as well as 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.
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.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572