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Commercial Second Mortgages


This program is no longer available. 


New commercial second mortgages (Sits in second or first lien position) give

owners the option to tap their commercial equity with the added benefit of having a fixed interest rate.  This loan helps solve one of the biggest negatives in commercial property ownership, lack of liquidity.

Pull cash out of your property to use as down payment on another investment property, re-capitalize your business, or use proceeds as capital to rehab a property – whatever you want.

This commercial second mortgage can also be a viable option to traditional cash out commercial refinance.  If your existing first loan is fine, why go through the expense (appraisal fee $2,500 - $4,500, title $1,500 -$2,500, environmental report at $1,000 -$2,000) and time of refinancing it?  Especially when you can simply place a low cost commercial second on top?   This can be especially important if you have a high prepayment penalty on your existing loan.  

As hard as it might be to believe there are third party fees on this loan -  unlike all other commercial loan programs.  No appraisal fee, no environmental report fee, no title or escrow fees on this commercial loan.  Only cost is an origination fee (ranging from 1 - 1.5%, see attached fee agreement), which is paid at funding.

Rates are decent as well.  Most borrowers qualify for interest rates in the low 8's and for some, in the low 7's.   

Another major benefit is the low documentation required.  No business or personal tax returns requested for owner occupants.  Lender typically just needs proof of insurance and a copy of your last mortgage payment.  For investors, you normally only need to provide copies of your Schedules E’s (last 2 years), proof of insurance, copy of leases and a copy of your last mortgage payment.  That’s it.  

See proof of no 3rd party fees - see an actual copy of Approval Letter.   


Commercial Second Mortgage Details:



  • Borrower needs 700 credit score to qualify. Click here if your credit score is below 700.
  • Fixed periods from 5 or 10 years with amortization schedule at either 25 or 30 years – you decide.
  • Rate as low as 7.12% (As of 10/31/07). 
  • Loan amounts from $200,000 to $500,000 max.
  • Loan sits in second lien position behind any lender/loan program.
  • Letter of Intent/preapproval within 72 Hours.
  • Closing typically takes 35 days.
  • No financial reporting to Lender like typical bank loan requires.

Qualifying Parameters - see if you qualify - what you need to know.

FAQ's
  

Whatever your goal, whether it's to consolidate business debt, get cash to purchase another property or launch a new venture, etc. you can make it happen with this new Commercial Second Mortgage. 

Get preapproved now by filling out our commercial loan application

  

 

Medbluebotton 
Commercial Mortgage Broker STORE.

 

Other Related Commercial Loan Programs:

General Topics Related to Commercial Financing:



:: Top Funding Bank/Lender List :: SBA 7a Loan, SBA Commercial Loans :: SBA 504 Loans :: Fixed Rate Commercial Mortgage :: NNN Loans, Non Recourse Financing :: Hard Money Commercial Loans :: Commercial Hard Money Lender List :: Commercial Mortgage Refinance :: SBA Financing, Background :: Commercial Loan Applications :: Small Business Loan Help, Start Here :: Dealing With Bankers :: How To Research Banks :: Over Leveraged -High LTV :: General Purpose Property Loan :: Special Purpose Property Loans :: STORE Commercial Loan Broker :: Commercial Broker Fee Agreement :: Commercial Mortgage Book :: Commercial Loan Training Course :: Owner Occ Spreadsheet :: Commercial Loan News :: Resources Links :: Recently Closed Loans :: Newsletter :: Contact Us/ About Us ::

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Commercial Finance Advisors, Inc.

261 E Maple Rd
Birmingham, Michigan 48009

 





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