Commercial Mortgages and Stated Income

Northeast Financial is your Connecticut Mortgage Company (we cover all the surrounding states as well)!  We offer a Stated Income Commercial Mortgage Program for people that are not able to get traditional financing from their local bank.

Here is an overview of our program:

Loan Amounts: $100,000 to $1,000,000

Property types: Multi-Family, Mixed-Use, Retail, Office, Auto Repair, Day Care, Funeral Homes, Beauty Shops, Motels/Hotels, Warehouse, Mobile Home Parks, Campgrounds, Churches, Self-Storage, Dry Cleaner (Drop off only), Recreational properties

Ineligible Properties: Raw land, Land requiring “ground up” construction (any loan requiring rehab work must equal 10% or less of the property value), or gas stations (although we will lend on auto repair/auto body shops)

LTV: Maximum LTV is 70%. (75% with higher Fico Scores) 

Credit Scores: 600 Minimum FICO Scores.  Any scores below 600 will require a letter of explanation.

Closings: Three to four weeks (the timeline is based on how quickly we receive all the required information)

Rates: Fixed Rates ranging from 7.5% to 12%.  Interest Only rates start at 12.00% and no prepay.

Points:  Northeast Financial charges one  to three lender points depending on the scenario

Fees: Northeast Financial doesn’t charge any upfront fees

Prepay: Declining 5%-4%-3%-2%-1% Prepay Penalty

States:   We transact commercial mortgages in 42 states except for Alaska, Alabama, Hawaii, Michigan, Nevada, North Dakota, Vermont and West Virginia. 


Please contact me today so that we can discuss your loan scenario.

Thank you,


Michael Meyer
Senior Vice President of Northeast Financial
210 S. Main St Middletown, CT 06457

Company NMLS#117273