Mixed Use Commercial Property Loans in Connecticut

Northeast Financial is a Connecticut Mortgage Company that offers financing solutions for Mixed Use Properties.  We offer a turn key Stated Income program (no tax returns needed).  Our rates are higher than your local bank but lower than hard money options.

 

Here is the overview of the program and its guidelines:

 

Loan Amounts: $100,000 to $1,000,000

 

Mixed Use types: Apartment/Retail mix, Apartment/Office mix, Office/Retail Mix, and Office/Retail/Apartment mix

 

Ineligible Properties: Any Mixed Use with environmental concerns or that have a Gas Station component.

 

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% to 12%.  Interest Only rates start at 12.00% and no prepay. Everything is contingent on your credit score and how the property debt services.


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

 

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

 

 

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

 

Thank you,

 

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Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-876-0572
210 S. Main St Middletown, CT 06457

Company NMLS#117273 

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