When will commercial mortgages come back? As of right now the answer is June first for Fix and Flip Loans and July 1st for most other commercial mortgage types. At Spartan Commercial Mortgage Services, we specialize in Stated Income Commercial Mortgage Loans, Fix and Flip Loans, and Conventional Commercial Mortgages. We cover most of the United States with a focus on the North East and East Coast.
Allowed Property Types:
- Apartment Buildings and Multi-Family Properties
- 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: Maximum LTV is 80%
Credit Scores:
- 725 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). Also, the fix and flip (rehab) commercial loan can be closed in under 2 weeks.
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. Fix and Flip Loans are all interest only.
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.” We posed the question – When will commercial mortgages come back? Even though it is not for the next 30 days, we are taking in applications now to begin the process. We will work with you every step of the way and look forward to closing your loan.
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