Spartan Commercial Mortgage offers Commercial Property Financing throughout most of the United States. We offer Conventional, Stated Income, as well as No Doc options. Furthermore, we have the ability to close your loan quickly on either a purchase or refinance.
Here is an overview of our Commercial Property Financing
| Purpose | Purchase/Cash-Out/ as well as Refinance |
| Loan Sizes | $100K – $2MM |
| Terms | 5-Year ARM 30-Year Fixed |
| Amortization | 15, 25, 30 |
| Max LTV | Purchase: 80% Refinance: 75% |
| Min FICO | 650 |
| Min DSCR | Investor: 1.15x Owner-Occupied: 1.2x Global |
| Stabilization | 75% occupancy required over the most recent 90-day period |
| UW Method | Investor: Property DSCR Owner-Occupied: Global DSCR |
| Documentation | 2 years personal and business tax returns (unless No Doc) |
| Eligible Properties | Tier I: Multifamily, Mixed-Use (primary residential) Tier II: Retail, Mixed-Use (primary commericial), Warehouse/Self-Storage, Office, Light Industrial, Automotive, Mobile Home Park, Restaurants, Bars, and Daycare Centers |
| Pre-Payment Penalty | 5% for 10, 7, 5, or 3 years | or Declining 5%, 4%, 3%, 2%, 1% |
GENERAL GUIDELINES & POINTS OF EMPHASIS
| Buy Downs | 0.375% = 1 point cost |
| Caps/Floors (For Arms) | WSJ Prime Index plus margin on note date Initial Reset and Annual Adjustment Cap: 2% Life Cap: Initial rate +6% Life Floor: Initial rate |
| Funds being used for downpayment or reserves | All Funds must be sourced and seasoned for 60 Days. |
WHY DO BORROWERS CHOOSE SPARTAN COMMERCIAL MORTGAGE FOR THEIR COMMERCIAL PROPERTY FINANCING?
First of all, our customer service has no comparison. We will working with you every step of the way to get your loan closed.
Secondly, our rates and terms are amazing. On a 30 year fixed loan, we have the ability to get borrowers a low rate and many times with no points. Finally, Spartan Commercial Mortgage offers a true NO Doc program that is ideal for real estate investors.
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