- December 18, 2014
- Posted by: Michael Meyer
- Category: Uncategorized
Rhode Island Investment Property Mortgages
Northeast Financial offers commercial mortgages for multi-family investment properties in Rhode Island. We work with property investors to help them purchase or refinance multi-family dwellings.
We can provide 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 can do this as a purchase or refinance (cash out options available) and we offer a common sense approach to underwriting that will get your loan closed.
You can choose between 30 year and 15 year terms. Our 30 year term give your the options of a 3 or 8 year ARM (25 year fixed rates are available as well). Rates are based on credit score, LTV, and property condition/type and roughly start at 7.125% (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 program:
-Max Loan to Value is 75%
-True Stated Income Program
-Loan Sizes from 100k – 5MM
-Ideal Credit score is a 650+
-Will work with scores in the 500s on a case by case
-Appraisals start at $995 and are based on facility size.
-3 to 4 week closing
The Documents we underwrite with:
-Picture of the facility (inside, outside front/back/sides, street view)
-Personal Financial Statement
-Tax Returns (we do not look at your income but rather how you depreciate real estate)
Please call us today so we can provide you with a free consultation on we can get your Rhode Island Investment Multi-Family Property financed.
Senior Vice President of Northeast Financial
210 S. Main St Middletown, CT 06457