- October 1, 2019
- Posted by: Michael Meyer
- Category: Uncategorized
Northeast Financial is a Connecticut Commercial Mortgage provider that specializes in Apartment Mortgage Financing. We cover most of the United States with a focus on the North East and East Coast. We offer Stated Income Commercial Mortgages as well as Conventional Commercial Mortgages.
Allowed Property Types:
- Apartment Buildings and Multi-Family Properties
- Retail and Office
- Auto Repair
- Day Care
- Funeral Home
- Beauty Shops
- Mobile Home Parks
- Dry Cleaner (Drop off only)
- Finally, Recreational properties
- Raw land
- Likewise, land requiring “ground up” construction (any loan requiring rehab work must equal 10% or less of the property value)
- Also, Gas stations (although, we will lend on auto repair/auto body shops) are not allowed.
LTV: Maximum LTV is 80% for Apartment Mortgage Financing and 75% for all other properties
Credit Scores for Apartment Mortgage Financing:
- 660 Min Score for our Elite Program
- 600 Min Score for our Traditional Program.
Closings: Three to four weeks (the timeline is based on how quickly we receive all the required information)
Apartment Mortgage Financing Rates: We offer 30 year fixed rates, 25 year fixed rates, 20 year fixed rates, 15 year fixed rates, and 5 or 7 year adjustable rate mortgages. Rates will vary depending on credit score.
Points: While Northeast Financial does their best to not charge any upfront points, in some cases 1 to 2 points are charged depending on the transaction.
Prepay: Declining 5%-4%-3%-2%-1% Prepay Penalty. Call me for shorter prepayment terms.
States: we transact commercial mortgages in 42 states except for Alaska, Alabama, Hawaii, Michigan, Nevada, North Dakota, Vermont and West Virginia.
In conclusion, we are here to help with your upcoming commercial loan. We say “Yes” when your local bank says “No.” Since we specialize in this type of financing we are able to help you get your commercial mortgage closed quickly. And, as said earlier, we will work with you every step of the way. The approval process for Apartment Mortgage Financing is seamless.
Call us today for a free consultation (860-876-0572 and ask for Michael Meyer) or click here to get pre-approved
Senior Vice President