Investor Loans Made Easy!
Spartan Commercial Mortgage is your Investment property loan resource. We offer financing in New England, New York, and the East Coast. We offer two great programs that assist investors with getting their loans closed.
Residential Property Investment Loans:
Non owner occupied investment properties have to be from 1-4 units (condos as well). Generally, you will need to put 20-25% down on investment properties. Secondly, the borrower must have reserves of 6 months of PITI (principal, interest, taxes, and insurance) payments. Finally, you will need a good credit score to get a competitive rate. The property must also be in good condition in order to pass through an appraisal.
One way to buy an investment property (1-4 units) is to use one of our Line of Credit Programs. These allow borrowers to buy and rehab a property. The Line can be used for up to 90% of the purchase price and 90% of the rehab of the property.
Investment Property Loan Commercial Program:
Doing a commercial mortgage is a different process than that of doing a Line of Credit. The investment property will still have to be non-owner occupied. You can do the loan as an individual or as a LLC/Corp. Stated income and conventional options available. Credit score requirements vary depending on the size of the loan.
Appraisals are roughly between $650 to $1,200. Similar to residential loans, your max loan to value is 80% on 30 year fixed Investment Property Loans. A major difference between the two programs is rate. The Line of Credit Program is an interest only program whereas the Commercial Mortgage Program’s rates are lower an amortized with principal and interest.
In closing, I will looking forward to helping you every step of the way for your upcoming mortgage. Call me today for a free consultation at 860-876-0572 or click here for our online pre-approval.
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572