Spartan Commercial Mortgage Services offers Office Building Loan Programs tailor made to fit your needs. These programs are great for either a purchase or refinance. Furthermore, we have Stated Income and Conventional Options. Borrowers can finance up to 75% (for a purchase) of their Office Building on a 30 year fixed loan. Even more, our rates are very competitive!
All Allowed Property Types:
- Apartment Buildings and Multi-Family Properties
- 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 75% for a purchase and 70% for a refinance. Prior to the pandemic we were able to offer 80% LTV on all our loan programs. We will keep borrowers updated as to when this will come back.
Credit Scores for an Office Building Loan:
- 725 Min Score for our Elite Program
- 660 Min Score for our Traditional Program.
- 659 and Under for our Alternative Financing.
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.
Apartment 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 Office 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. We will also work with you every step of the way. 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