Rhode Island Commercial Mortgage Overview
Spartan Commercial Mortgage Services offers Rhode Island Commercial Mortgage Options throughout the state. First of all, we specialize in Stated Income Commercial Mortgages. Our program is ideal for either a commercial property purchase or refinance. Borrowers are not required to have perfect credit with this program. Furthermore, closings can happen in as little as 25 days. Below is an overview of the program:
Stated Commercial Loan Property types:
- Multi-Family
- 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 (any loan requiring rehab work must equal 10% or less of the property value)
- Gas stations (although, we will lend on auto repair/auto body shops)
LTV: Maximum LTV is 70% for credit scores of 650 and less. And a Maximum LTV of 80% with higher Fico Scores.
Credit Scores:
- 650 Min Score for our Elite Program
- 600 Min Score for our Traditional 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 Rhode Island 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 Rhode Island 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,
Thanks,
Stephen Early
Spartan Commercial Mortgage Services
info@spartancommercialmortgage.com
(860) 333-7459