Spartan Commercial Mortgage Services offers Industrial Warehouse Building Mortgages. We cover most of the United States with a focus on the North East and East Coast. We offer Stated Income Commercial Mortgages as well as Conventional Commercial Mortgages. Even more, we work with you every step of the way to get your loan closed quickly. This program is ideal for either a purchase or refinance.
There are many other types of Commercial Buildings we also offer financing on:
All Allowed Property Types:
- Apartment Buildings and Multi-Family Properties
- Mixed-Use
- Retail Buildings
- Office Buildings and Condos
- Auto Repair
- Day Care
- Funeral Home
- Beauty Shops
- Motels/Hotels
- Industrial Warehouse Building Mortgages
- 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 was 80% for Industrial Warehouse Building Mortgages prior to the pandemic. Presently, the max loan to value is between 75% and 80% depending on the property type and the overall deal.
Credit Scores for Self Storage Commercial Mortgage Loans:
- 725 Min Score for our Elite Program
- 650 Min Score for our Traditional Program.
- 620 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).
Commercial Building 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 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 Industrial Warehouse 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, as said earlier, we will work with you every step of the way. Because the approval process for Self Storage Building Loans is seamless – your loan will close quickly.
Call us today for a free consultation or click here to get pre-approved.
Thank you,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572