Stated Commercial Mortgage Program and How it Works

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 6.25% and up that are based over 25 years (because we are a stated income program – our rates are a bit 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.


Thank you,



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

Company NMLS#117273

Residential Clients: Click Here For Application