- January 22, 2016
- Posted by: Michael Meyer
- Category: Uncategorized
When buying or refinancing an investment property you have two options when it comes to mortgages. You can either do a residential mortgage or get a commercial mortgage.
Residential Mortgages are able to provide you with Conventional financing (lowest rates in the nation) or with something called the Investor Edge Loan (rates are a bit higher than Conventional, but this program allows you to have an unlimited amount of real estate in your holdings). Rates have been consistent in the low to mid 4s with conventional financing and in the mid 5s with the Investor Edge loan.
Commercial Mortgage Loan 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). We offer a common sense approach to underwriting that will get your loan closed with this program. 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 a 3 or 5 or 8 year ARM. Rates are based on credit score, LTV, and property condition/type and roughly start at 6.99% (but can be as high as 9.75% in some cases). Because our terms are based over 30 years – the monthly payments are affordable.
Here is an overview of the Commercial Mortgage Program:
-Max Loan to Value is 75%
-True Stated Income Program
-Loan Sizes from 100k – 5MM
-Minimum Credit score is a 650
-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
-Tax Returns are not needed.
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