48 Meriden Rd, Suite 1, Middlefield, CT 06455

Rhode Island Commercial Mortgage Options

Rhode Island Commercial Mortgage Overview

Northeast Financial offers Rhode Island Commercial Mortgage Options throughout the state.  First of all, we specialize in Stated Income Commercial Mortgages.  Our program is ideal for either a commercial property purchase or refinance.  Borrowers are not required to have perfect credit with this program.  Furthermore, closings can happen in as little as 25 days.  Below is an overview of the program:


Stated Commercial Loan Property types:

  • Multi-Family
  • Mixed-Use
  • Retail and 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
  • Similarly, 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% for credit scores of 660 and less.  And a Maximum LTV of 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:  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

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 Rhode Island commercial mortgage.  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 Rhode Island commercial mortgage closed quickly.  Even more, we will work with you every step of the way.

Call us today for a free consultation or to get pre-approved.





Michael Meyer
Senior Vice President of Northeast Financial
210 S. Main St Middletown, CT 06457








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