Commercial Second Mortgage
This unheard of, new commercial second mortgage, available in either a commercial equity line of credit or a fixed rate commercial second loan, creates liquidity for owners never before known. Commercial building owners have struggled for decades on how to effectively and economically tap their commercial property's equity. This is an outstanding solution to that problem.
In addition, there are NO third party fees on this loan (bank incurs all costs)... No appraisal fee, no environmental report fee, no application fee, no title or escrow fees on this commercial equity loan! Borrower literally has no cash into transaction. Only costs is an origination fee (ranging from 1-2%) paid at funding (see fee agreement).
No need to perform an expensive commercial cash out refinance on your existing first position commercial mortgage to unlock equity. This Commercial Second Loan sits in second lien position behind any first... Or, conduct a a typical first lien position, rate and term commercial property refinance. Also, avoid a cumbersome commercial rehab loan by pulling cash out of one property to put into another.
Designed for the "small" investor or business this loan requires little documentation as well. No business or personal tax returns requested for owner occupants. Borrower just needs to provide proof of insurance and a copy of the last mortgage statement. Investors only need to provide copies of their Schedules E’s (last 2 years), proof of insurance, copy of leases and a copy of their last mortgage payment. That's typically it.
SEE IF YOU QUALIFY - CLICK HERE TO TAKE THE 45 SECOND PRE APPROVAL "QUIZ".
CLICK HERE FOR PROOF OF NO 3RD PARTY OR UPFRONT FEES - SEE ACTUAL APPROVAL LETTER.
Commercial Second Mortgage Details:
- Solid rates, starting at 6.9% as of 2/1/08
- Borrower need a 700+ credit score
- Loan sits in second lien position behind any lender/loan program (can sit in first lien postion as well).
- Comes in either commercial fixed rate second or commercial equity line of credit.
- Fixed periods from 5 or 10 years with amortization schedule at either 25 or 30 years – you decide.
- Commercial Equity Line is interest only – tied to Prime.
- Loan amounts from $200,000 to $500,000 max.
- All legal entities; individuals, sole proprietors, LLC’s, corporations and trusts
- Letter of Intent/preapproval within 72 hours.
- Closing typically takes 45 days.
- No financial reporting to Lender like typical bank loan.
Whatever your goal, whether it's to consolidate business debt, get cash to purchase another property, launch a new venture, or use proceeds to rehab another property, you can make it happen with this new loan program.
Call 248 885-8797 to discuss or click here to Get started now on your Commercial Second Mortgage.
|
Commercial Second Mortgage, Inc
261 E Maple Rd # 13
Birmingham, Michigan 48009
Office Phone: (248) 885-8797 Fax: 866 337-3141
|
|
|
|
