Spartan Commercial Mortgage Services offers Apartment Loan Financing programs tailor made to fit your needs. This program is great for either a purchase or refinance. Furthermore, we have offer Conventional Options as well. Borrowers can finance up to 80% (for a purchase) of their apartment building commercial mortgage on a 30 year fixed loan. And borrowers can refinance up to 75% LTV on the apartment buildings.

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%

Credit Scores for Apartment Loan Financing:

725 Min Score for our Elite Program
660 Min Score for our Traditional Program.
659 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. 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 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. We will work with you every step of the way to get your loan 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