New York Commercial Mortgage
Spartan Commercial Mortgage Services offers New York Commercial Mortgage Options throughout the state. We offer Stated Income Commercial Mortgages as well as Commercial Conventional Financing. Our programs are ideal for either a commercial property purchase or refinance. Borrowers are not required to have perfect credit with these programs. Furthermore, closings can happen in as little as 25 days. Below is an overview of the program:
Commercial Loan Property types:
- Multi-Family and Apartment
- Mixed-Use
- Retail and Office
- Auto Repair
- Day Care
- Funeral Home
- Beauty Shops
- Motels/Hotels
- Warehouse
- Mobile Home Parks
- Campgrounds
- Churches
- Self-Storage
- Dry Cleaner (Drop off only)
- Recreational properties
Ineligible Properties:
- Raw land
- Similarly, land requiring “ground up” construction” (but we do offer Fix and Flip/Hold Loans)
- Gas stations (although, we will lend on auto repair/auto body shops)
LTV: Maximum LTV is 75% for credit scores of 650 and less. And a Maximum LTV of 80% with higher Fico Scores.
Credit Scores:
- 720 Min Score for our Elite Program
- 660 Min Score for our Traditional Program
- 659 and below Min Score program
Closings: Three to four weeks (the timeline is based on how quickly we receive all the required information)
Rates: Fixed Rates ranging from 6.375% and up. 30 year fixed options are available. We also have ARM programs that are based over 30 years.
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
States: Finally, 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 New York commercial 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 New York commercial mortgage closed quickly. Even more, we will work with you every step of the way.
Call us today for a free consultation or click the link to get pre-approved.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572