Commercial Second Mortgages

This program is no longer available. 


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

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. 

 
Commercial Mortgage Broker STORE.