Commercial Mortgage Refinance

At Northeast Financial the majority of the commercial business we do is refinancing commercial properties. We can refinance any property except for Gas Stations, raw land, and overnight care facilities. The process of refinancing with Northeast is simple; we first and foremost have you fill out our commercial application so we understand the “ins and outs” of your property and then we pull your credit report to help narrow down the programs that best fit for you.

Next, we have some documentation that will be needed depending on which program you have selected, it will include; 1003 (we provide you with the document), personal financial statement, brief summary of the deal, digital pictures of the property, rent roll (if applicable), Leases on the property (if applicable), and an operating statement on the property (if applicable). These documents are all we would need if you were to use our stated income program. If you were to use our full doc programs then we would have to take a look at your tax returns and W-2’s as well as the documents listed above.

After this is complete we will submit everything into underwriting and get your appraisal ordered and completed. Once the appraisal is done then we will get a title search completed and wait for the clear to close and be done with the refinance. This process from start to finish depending on how quickly we get the documents needed from the client would be around 3-4 weeks on our stated program and an additional couple of weeks with our full doc programs.

Our programs include:

  • Stated Income- Rates start at 7.9%/ Max loan size $5 Million/ 620 credit score
  • A-Paper- Rates start at 6.49%/ Max loan size $15 Million/ 720 credit score
  • USDA & SBA- Rates start at 5%/ Max loan size $10 Million/ 720 credit score

If you are looking to refinance or have any questions on our commercial programs please don’t hesitate to call me at (845)208-1011 or email me at steve@northeast-mortgage.com.


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