Spartan Commercial Mortgage Services offers Commercial Condo Mortgages. This program is great for either a purchase or refinance. We finance Owner Occupied Commercial Condos (your business must reside there). Furthermore, borrowers can finance up to 80% of their Commercial Condo on a 30 year fixed loan. Even more, our rates are low and the majority of our loans have no upfront points charged!
All Allowed Property Types:
- Apartment Buildings and Multi-Family Properties
- Owner Occupied Commercial Condos
- 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 Apartment Buildings and Multi-Family Properties.
Credit Scores for Commercial Condo Mortgages:
- 720 Min Score for our Elite Program
- 600 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.
Condo 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 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 Condo 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. We make Commercial Condo Mortgages Easy! 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