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Stated Commercial Mortgage Options in Connecticut

Northeast Financial is your Connecticut Commercial Mortgage resource.  We will work with you ever step of the way to help you get your loan closed.  We offer a Stated Income Commercial Mortgage that is ideal for people looking to buy or refinance commercial real estate.  Here is the overview of our program:

 

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%

 

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% and up that are based over 25 years (because we are a stated income program our rates are higher than a local bank).

 

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.

 

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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