Commercial Lending

Stated Commercial Mortgages are a great option for self-employed borrowers or any borrower that has been turned down by your local bank.  Guidelines are much less stringent with these types of loans and closings can happen in as little as 3 weeks.

Loan Amounts: $25,000 to $2,000,000

Property types:

  • Multi-Family
  • Mixed-Use
  • Retail
  • Office
  • Auto Repair
  • Day Care
  • Funeral Home
  • 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)
  • Gas stations (although we will lend on auto repair/auto body shops)

LTV: Maximum LTV is 70%. (75% with higher Fico Scores)

Credit 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 (because we are a stated income program – our rates are higher than a local bank).  We also have ARM programs that are based over 30 years.

Points:  Northeast Financial charges one to three lender points depending on the scenario.

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.

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