This nationwide loan program is now the best option to finance apartment buildings and some mixed-use buildings. You can now use up to 40% of the commercial income to qualify.
The 7-year fixed rate is currently between 3.6-3.8% in major markets. Up to 80% LTV for purchases with reasonable closing costs. There is a sliding prepayment penalty (no yield maintenance like FNMA) and a 30-year amortization.
The property has to be stabilized and in good condition. 680 FICO score required. Lender par pricing.
Since it's founding in June of 1998 Gomberg Financial Services has originated over 450 commercial loans.
If you would like more information on any of our commercial loan programs, please contact our office by phone 781-631-7929