When picking a commercial mortgage lender there are some things to consider. How fast do you need the transaction closed? Is all your paperwork in order? And, what terms best fit your needs?
Local banks have great rates, but often take a very long to close your loan. They require a lot of paperwork as well as want to see up to three years of strong financials. Local banks also usually only offer 20 year or 25 year loans that at some point become adjustable (thus, the low rate).
On the other hand, there are Commercial Mortgage Lenders that have comparable rates. Even more, many lenders can offer a 30 year fixed commercial mortgage that doesn’t adjust! When this gets weighed out, this rate is often a cheaper and safer solution for borrowers (because it is spready over 30 years and never adjusts). As well, a commercial mortgage lender doesn’t require nearly 1/2 the paperwork and is more concerned with the property than a borrowers financials.
Spartan Commercial Mortgage Services offers Commercial Mortgage Loans throughout most of the United States. These programs are great for either a purchase or refinance. Furthermore, we have Stated Income, No Doc, and Conventional Options. Borrowers can finance up to 80% of their Commercial Building on a 30 year fixed loan. And, our rates are very competitive!
All Allowed Property Types:
- Apartment Buildings and Multi-Family Properties
- Mixed-Use
- Retail
- 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 and Fitness (Gyms)
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.
Credit Scores for Commercial Mortgage Lender Financing:
- 725 Min Score for our Elite Program
- 650 Min Score for our Traditional Program.
- 649 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.
Commercial Loan 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. For the lowest rate possible, we offer a 5 year flat prepay as well. Contact us for other prepay options
States: We transact commercial mortgages in most states. Except for Alaska, Alabama, Hawaii, Michigan, Nevada, North Dakota, Vermont and West Virginia.
In conclusion, we specialize in Commercial Mortgage Financing. 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