Spartan Commercial Mortgage Services is a Commercial Mortgage Company that specializes in Stated Income Commercial Mortgage Loan programs for Real Estate Investors. We cover most of the United States with a focus on the North East and East Coast. We also offer Conventional Commercial Mortgages. Here is an overview of our Stated Income Commercial Mortgage Loan Programs:
Allowed Property Types:
- Apartment Buildings and Multi-Family Properties (1-4 unites is allowed as long as in a LLC)
- 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)
- 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: Traditionally, the maximum Loan to Value was 80%. Presently, due to the pandemic, on most properties the loan to value is capped at 75%.
Credit Scores for Stated Income Commercial Mortgage Loan Financing:
- 725 Min Score for our Elite Program
- 660 Min Score for our Traditional Program
- 659 and under for our Alternative Financing Programs.
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 2 weeks.
Stated Income Commercial Mortgage 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 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 Commercial Mortgage Financing is seamless – your loan will close quickly.
Call us today for a free consultation on Stated Income Commercial Mortgage Loans or click here to get pre-approved.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572