Stated Commercial Mortgages are a great option for self employed borrowers or any borrower that has been turned down by your local bank. Guidelines are much less stringent with these types of loans and closings can happen in as little as 3 weeks.
Loan Amounts: $25,000 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 6.5% to 10% based over 25 years (because we are a stated income program – our rates are higher than a local bank). 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.
Call us today for a free consultation.
Senior Vice President of Northeast Financial
210 S. Main St Middletown, CT 06457
Residential Clients: Click Here For Application