Commercial Condo Mortgage
Commercial Condo Uses:
- Retail and Office
- Auto Repair
- Day Care
- Funeral Home
- Beauty Shops
- Dry Cleaner (Drop off only)
- Finally, Recreational properties
LTV: Maximum LTV is 70% for credit scores of 660 and less. And a Maximum LTV of 75%/80% with higher Fico Scores.
- 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)
Rates: Fixed Rates ranging from 6.5% to 10% based over 25 years or 30 years.
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 or 5% for 5 years
States: Finally, 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 condo mortgage 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 condo mortgage closed quickly. And, we will work with you every step of the way.
Call us today for a free consultation or to get pre-approved. There are many great commercial mortgage lender programs available to you through Northeast Financial.
Residential Clients: Click Here For Application