Stated Income (No Tax Returns) Commercial Mortgage Program

Northeast Financial will now do Stated Income Commercial Mortgage Loans from 25K up to 1MM!  Fast Closings, Competitive Rates, and we will work with you every step of the way.  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.

 

Thanks,

 

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Drew Raney/President
NMLS#117309
210 South Main ST. Middletown, CT
860-788-7237

drew@northeast-mortgage.com

Residential Clients Click Here For Our Online Application

Company NMLS#117273