Office Condo Mortgage loans are what we specialize in at Spartan Commercial Mortgage! We offer programs that are tailor made to fit your needs. These programs are ideal for either a purchase or refinance. Furthermore, we offer Stated Income as well as Conventional Commercial Mortgages. This type of mortgage can be done as an investment loan or if you intend to move your own business into the condo. Most important, we have the ability to give an up to 80% loan to value mortgage on a 30 year fixed loan! Office Buildings come in many shapes and sizes. Please read below for an overview of all the property types we finance.
All Allowed Property Types:
- Apartment Buildings
- Mixed-Use
- Retail
- Office and Office Condos
- 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 80% for Office Condo Mortgage Loans. For a cash out refinance, in many cases the loan to value will be capped at 70-75%.
Credit Scores for Office Condo Mortgage Loans:
- 725 Min Score for our Elite Program
- 660 Min Score for our Traditional Program.
- 659 and Below for our Alternative Solutions Program
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.
Commercial 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 Office Condo 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 commercial mortgage closed quickly. And, we will 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