TO SPEAK WITH A COMMERCIAL LOAN SPECIALIST
CALL 888-431-0698 or Request Rapid Pre-Approval or Email Us
SCOPE OF OUR COMMERCIAL MORTGAGE LOAN PROGRAMS
While nationwide stated income stated asset real estate mortgage, even for properties that do not cash flow, is one of the niche loan programs of Syntony Financial Services for purchase and refinance of commercial real estate; working with our partner lenders, wholesale commercial banks, conduits, life company, and numerous other sources of funding, including SBA loans, and even hard money, Syntony Financial Services is equipped to match your needs with the most appropriate lending instrument, at the most competitive rate, whether your goal is debt consolidation, construction, expansion, 1031 exchange, acquisition, real estate investment, etc. We at Syntony Financial Services make sure that the extent of your mortgage loan documentation, whether it is full doc, low doc, or no doc, truly matches your best interest and objectives.
LOWEST COMMERCIAL MORTGAGE RATES
Syntony Financial Services can offer you the lowest commercial mortgage rates for qualified customers who are in the market to purchase or refinance commercial property nationwide. The reason we can offer the lowest commercial rates is that we are authorized to do in-house underwriting for many of our investors and can quickly pre-approve or disqualify loans based on the information at hand. At any point we encourage you to pick up the phone and call us at 888-431-0698, or send us an e-mail and our commercial mortgage loan specialists will call you promptly to assist you with any questions you may have and facilitate your commercial mortgage loan approval through the application process.
Beware of commercial rates quoted to you over the phone. Mortgage for commercial property purchase, or refinance of commerical property, is underwritten individually, and mortgage rates for commercial property are determined by many parameters beyond just the loan to value ratio (LTV), or credit score of the borrower. Looking up and quoting a specific commercial rate from a table is inappropriate and borderline unethical.
Almost without exception, when a client goes with a commercial mortgage loan on the basis of the commercial mortgage rate offered at a preliminary stage, rates and terms are changed on them at a later stage, making it impossible for them to switch lender and they are forced to either abandon their project or live with the less favorable rates and terms imposed on them by the commercial lender.
Pricing a commercial mortgage loan is finalized only after the analysis of a property's commercial appraisal. However, the information that we are asking the broker or the borrower to provide, if submitted completely, enables us to conduct a rapid preliminary underwriting of the commercial property.
In general commercial mortgage rate for a property is directly related to what the commercial lender terms the quality of the property. The quality of a commercial property is determined by at least four factors:
- Analysis of the property's past operating performance
- Tenant strength and lease terms
- Property characteristics and conditions
- Market attributes
The result of this analysis will determine:
- Which commercial mortgage loan class the commercial property will likely fall under
- Which type of commercial lender has a loan program for that particular commercial mortgage loan class, and
- The commercial interest rate the property will likely receive from the lender.
In conclusion, there is no magic or mystery about determining the interest rate of a commercial mortgage. The pricing is based on the information available on the commercial property and the business that occupies it in case of owner occupied properties and business loans. So if you can provide accurate information at the time of applying for the commercial mortgage loan, you can be more confident of the interest rate that is quoted to you. Less comprehensive the information, you can be rest assured that the commercial mortgage loan interest rate quoted to you will not hold through the underwriting process.
There is an additional caveat to the above statements. Typically the quality of a commercial property and the class of loans that it qualifies for are independent of the lender. In other words a commercial property would be either: "Investment Grade", "Below Investment Grade", or "Non-Bankable". But it can fit in programs of more than one category of lenders. For example a property may be acceptable by both a local bank, as well as a commercial bank. However the loan programs will not be the same, for example the local bank loan will be priced 200-400 bps above the prime rate, where as the loans offered by the commercial bank will be 125-250 bps over the 10 year Treasury Bill based on the subcategory of the class the property would fit in, although in both cases the loan will be a portfolio loan funded by the bank's own funds. Furthermore the commercial bank has the flexibility to offer both recourse and non-recourse commercial mortgage loan, where as the local bank's loan is typically a full recourse commercial mortgage loan. If a property is investment grade and meets the guidelines of a conduit lender you could expect lower rates than a commercial bank, typically priced 80-125 bps about the Treasury Bill, however conduit lender's calculation of property value will be more stringent and for the same LTV you could expect a lower loan amount. Furthermore it will be far more costly to refinance a conduit loan, as it is already packaged into a Commercial Mortgage Backed Security (CMBS).
The purpose of the above discussion was to give you examples of how critical it is for a commercial mortgage loan borrower to be clear on their both short term as well as long term goals and objectives, as these are as critical as property class and risk in determining who is the best investor for your loan.
Often people wonder if property risk information is required to price a loan, then what does low doc and stated income commercial loan mean? Please remember that in most cases this is a reference to the level of information regarding the borrower, rather than the property. For example, when a commercial property is income producing, such as an apartment building, office condo, Hotel, Motel, or RV Park, it is the property's income, rather than the income of the borrower that is important for most commercial mortgage loans.
There are cases when the commercial income producing property is underperforming and may not be suited for a standard long-term commercial mortgage loan because the commercial property, as is, does not show adequate income. In such cases the most appropriate commercial mortgage loan will be a commercial bridge loan, a short term financing arrangement that enables the borrower to obtain the commercial financing required to upgrade property, implement new promotional strategies and then transition to a longer term commercial mortgage loan with lower rates, such as commercial conduit loans.
There are other cases where the income produced is from the owner occupied business on the commercial property such as a gas station, auto repair, restaurant, etc. In the case of these categories of commercial loans, again we are interested in the income the business is generating as opposed to the personal income or assets of the commercial property owner.
For a more extensive description of loan types and programs, including construction, and our underwriting guidelines, please review those sections on our website.
In order to obtain the most competitive commercial mortgage interest rates, please also review the required documentation based on the Property Types and make your best effort to provide that information at an early stage. Remember, commercial lenders who quote you without that level of information, in all likelihood will change the loan rate and terms before your commercial loan closes, if ever.
COMMERCIAL MORTGAGE LOAN AVAILABILITY
Commercial real estate and business loans are currently available for the following states:
Alabama, Alaska, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Washington DC.
TO SPEAK WITH A COMMERCIAL LOAN SPECIALIST
CALL 888-431-0698 or Request Rapid Pre-Approval or Email Us
|
