New York Investment Property Loans
When buying or refinancing a New York investment property you have two options when it comes to mortgages. You can either do a residential mortgage or get a commercial mortgage.
First of all, Residential Mortgages are able to provide you with some of the lowest rates in the nation. Since residential mortgages are conventional loans you will be required to provide several years of tax returns, paystubs, and limit your unit size to residential 1-4.
In addition, Commercial Mortgage Loans come in two types: Stated Income (which is what we do) and Conventional Commercial (which is what your local community bank does). We offer a Stated Income Commercial Mortgage (closes in 3-4 weeks) on 2-4 unit and 5 unit+ investment properties (must be non owner occupied). Furthermore, We offer a common sense approach to underwriting that will get your loan closed with this program.
Finally, this loan is ideal for self employed borrowers or seasoned investors that need to move quickly to close. Our 15, 25, or 30 year terms give you the options of fixed and adjustable. Rates are based on credit score, LTV, and property condition as well as type. Because this is a stated program, rates will be higher than what residential or conventional commercial offers.
Here is an overview of the Commercial Mortgage Program:
-Max Loan to Value is 75% because this is a Stated Program.
-True Stated Income Program.
-Loan Sizes from 100k – 5MM.
-Minimum Credit score is a 650, but lower scored will be considered.
-Appraisals start at $995 and are based on facility size.
-3 to 4 week closing.
The Documents we underwrite with:
-Pictures of the facility (inside, outside front/back/sides, street view).
-Personal Financial Statement and a Schedule of Real Estate.
-Tax Returns are not required.
Please call us today so we can provide you with a free consultation on how we can get your Investment Property financed!
Senior Vice President of Northeast Financial
210 S. Main St Middletown, CT 06457