The line revolves as you use it and repay it. No prepayment penalty. Monthly payment of interest only, only on the amount outstanding. Seasonal or cyclical operating cash flow needs Purchase of owner occupied commercial real estate property Cannot revolve, no balloon or call provisions. Monthly payment of principal and interest. Working capital (including start-ups), inventory, equipment, refinance current debt Submit your completed application package to: CEDF, Attention: Ricardo Vidal, Director of Lending, 965 East Main Street, Meriden, CT 06450 Be sure to provide all of the needed supporting documents. Print the Commerical Real Estate Loan Application along with the applicable documents.No upfront application or processing fees. How can I apply for a commercial real estate loan? Commercial mortgage rates start as low as 5.98 (as of November 7th, 2023) A commercial mortgage broker with over 30 years of lending experience. Personal guaranty from all principals involved.Fixed interest rates with a maximum 25 year amortization.The owner must have a business located or to be located in the building occupying 51% or more of the space (i.e.The owner of the business applying must have been in business for three years or longer.What are the requirements for a commercial real estate loan? Mixed-use facilities (retail / office / residential).What types of owner- occupied properties are eligible for a commercial real estate loan?ĬEDF will consider making mortgage loans that are secured by the following types of owner- occupied properties: Borinquen Bakery staff and community leaders help New Britain Mayor Erin Stewart & Mary Ortiz, owner, cut the ribbon on the new building. Real estate loans are secured by a mortgage on real property to finance the purchase, development or improvement of real estate for owner-occupied property, including mixed use. Use our free commercial real estate loan calculator to calculate the details of a commercial mortgage easily and quickly. Confused Not sure where to start Let us take the guesswork out of financing Our free, interactive mortgage payment. The self-storage market in Connecticut is strong, with a vacancy rate of 7.6 in the fourth quarter of 2020. Real estate loans can be combined with other CEDF small business loans up to $750,000. I will work with you every step of the way.CEDF provides owner-occupied commercial real estate loans up to $500,000. And, as said earlier, we will work with you every step of the way.Ĭall me today for a free consultation at 86. 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 Connecticut commercial mortgage closed quickly. In conclusion, we are here to help with your upcoming commercial mortgage loan. Correspondent Lending Blog Online Payments Mortgage Calculator. States: Finally, we transact commercial mortgages in 42 states except for Alaska, Alabama, Hawaii, Michigan, Nevada, North Dakota, Vermont and West Virginia. How Much Will Your Mortgage Be in Illinois Illinois, the Land of Lincoln, is located in the Midwest and Great Lakes region of the U.S. Commercial Loans Loan Officers Locations Resources. Prepay: Declining 5%-4%-3%-2%-1% Prepay Penalty or 5% for 5 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. Revolving with renewals occurring once a year for lines of credit no greater than 500,000. Revolving lines for amounts starting at 10,000. Rates: Fixed Rates ranging from 6.125% to 10% based over 25 years or 30 years. Purchase, renovate, or refinance owner occupied commercial real estate. 600 Min Score for our Traditional Program.Ĭlosings: Three to four weeks (the timeline is based on how quickly we receive all the required information).And a Maximum LTV of 75% with higher Fico Scores. LTV: Maximum LTV is 80% for credit scores of 660 and less. Also, Gas stations (although, we will lend on auto repair/auto body shops) are not allowed.Likewise, land requiring “ground up” construction (any loan requiring rehab work must equal 10% or less of the property value).Connecticut Commercial Mortgage Lender Acceptable Properties: We specialize in “Stated Income” Commercial Mortgage Lender Loans as well as Conventional Commercial Mortgage loans. We cover most of the United States with a focus on the North East and East Coast. Connecticut Commercial Mortgage Lender Loans are made easy with us.
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