- March 31, 2015
- Posted by: Michael Meyer
- Categories: commercial mortgage, Connecticut
Multi Family Mortgages
Northeast Financial is your Connecticut multifamily commercial mortgage resource because we will work with you every step of the way. As well, we do residential multifamily home loans too. We do everything from 1-4 units, 5+ units, apartments, and Mixed Use. In addition we offer a Stated Income Commercial Mortgage that is ideal for property investors. Also, we offer a Residential (low rates) mortgage for people that buy 1-4 unit properties and plan on living in them. Here is an overview of our two programs:
-You can own a maximum of 5-10 residential properties.
-You can “cash out” if you own up to 4 properties.
-5 to 10 properties you can only do a Rate/Term refinance.
-660 Fico and up is needed.
-75% max LTV on up to 4 properties and 70% LTV from 5-10 properties.
-5+ units are not counted for the maximum of 10 properties.
-Furthermore, 30 year fixed terms are available with low rates.
-Finally, on your primary residence you can rate/term finance up to 95% and Cash Out up to 90% LTV.
Multifamily Commercial Mortgage Financing
-Unlimited investment properties are allowed.
-1-4 units and 5+ units are acceptable.
-Maximum LTV is 75% for Cash Out refinances.
-A credit score of 650 or more is preferred (but lower scores will be considered).
-In addition, 25 or 30 year terms are available with either as fixed or adjustable.
-This is a Stated Income program that is perfect for self employed borrowers.
-Finally, LLC or Corporation loans are allowed.
Finally, we work with many clients that are looking to buy or refinance a multi-family home. While every deal is different, we have options that cater to all borrower and property types. There are even 100% financing options through CHFA if you are a first time home buyer and as well we offer a FHA loan that has 3.5% down on Multi Family Properties (both CHFA and FHA require the property be owner occupied).
Call today and lets discuss all of your multifamily commercial mortgage options.
Senior Vice President of Northeast Financial
210 S. Main St Middletown, CT 06457