Small Commercial Loans
We are still closing loans, and this small commercial mortgage program is still viable.
This small commercial loan program is for loan amounts between $200,000 -$500,000. It is for small commercial mortgage only (not unsecured commercial loans). Primary benefit is that there are NO 3rd party fees to do the loan...
- No appraisal fee
- No title fee
- No environmental fee(except on industrial buildings)
No typo there. Funding bank pays for all of these costs. Savings for borrowers, compared to a typical bank loan are $5,000 or more. Rates are good as well and there is normally only a 2% bank fee to fund the loan. This small commercial mortgage is for both businesses or investors. Loan comes in 5 year fixed/30 year amortization, 10 year fixed/25 year amortization or 15 year fixed. Also comes in commercial equity line.
Small Commercial Mortgage Details
Besides the 3rd party fees being paid for, some of the other benefits include a streamlined process and relative to most commercial real estate loans, low documentation. Other details:
- Can go up to 75% loan to value on rate and term refinances
- 70% loan to value on cash out refinances
- Streamlined process with closing normally taking 45 days
- Light documentation
- Purchase at 75% loan to value
- Wide variety of eligible building types, including special purpose properties
- No length of lease restriction like almost all other banks
- No town population restrictions
Small Commercial Loan Requirements
Credit score is very important with this program. You will need a minimum 700 to be considered (click here if your credit score is below 700). A few question to ask yourself.
1. Is the estimated value of the property less than $3,000,000?
2. Have you owned it for more than one year?
3. Have you been in business at least 2 years (for owner occupants)?
4. You can't have any bankruptcies or foreclosure in order to qualify.
5. If investment, will the property hit a 1.2 debt coverage ratio?
Call us now to discuss this small commercial loan program at 248 885-8797 or, get preapproved now by fill out the quick commercial loan application. You will have feed back normally within a few hours.
Or fill out the full commercial application and email to jrauth@cfa-commercial.com.
Commercial mortgage training, fee agreements, spreadsheets, etc.
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