Unlike many lenders, ICC Mortgage Services has a division dedicated to Investment Properties, Commercial and Mixed Use Properties. Whether you are contemplating the purchase of one of these types of real estate or if you need to take cash out for debt consolidation, to pay off an existing mortgage or lien, or want to take funds to be used to purchase additional properties, ICC may be able to help..
Very few lenders are interested in these types of properties due to the complex nature of financing associated with non-residential mortgages, however ICC regularly underwrites, approves, and funds through it's Commercial Lending Division.
Here are some common types of mortgages available for for Investment Properties, Commercial multi-family andmixed use properties:
PROGRAM TYPES
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Cash out for debt consolidation or future investment
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Multifamily Purchase or Refinance
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Cash out for Construction and/or Renovations.
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Blanket mortgages available if you have insufficent equity in one property.
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Non-Owner Occupied Properties in ALL states
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Blanket loans of several SFR in same geographic vicinity
We provide investment propertyi family, commercial and mixed use loans nationwide and so any market area is acceptable. There are many factors that go into considering the attractiveness of a mixed use or multi family property type. The good news is that they are all easily quantified. There is very little guess work involved when evaluating the strength of the property itself. The only exception to this would be a new construction or rehab type project, but in this case it is quite easy to view the market statistics of similar properties in the same area with similar amenities, relative age, size, etc.
As we stated earlier there are many programs to chose from for financing of investment properties, multi family or mixed use properties. With Limited and No Income Verification for these types of properties, there are many options available to meet your short and long term financing solutions.
Here is a look at some of the expanded guidelines for multi family financing andmixed use property financing:
NON CONFORMING MULTI FAMILY / MIXED USE GUIDELINES
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SMALL BALANCE LOANS FROM $25K-$100K
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$100K-$20M LARGE BALANCE INVESTMENT, COMMERICAL AND MULTI FAMILY FINANCING AVAILABLE
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50% STATED INCOME STATED ASSET PROGRAMS FOR PERFORMING PROPERTY TYPES
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SHORT TERM BRIDGE FINANCING FOR NON PERFORMING PROPERTIES
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UP TO 50% LTV FINANCING ON FULL DOCUMENT NON PERFORMING MULTI FAMILY PROPERTIES
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UP TO 55% LTV FINANCING ON NON PERFORMING NO DOC AND STATED INCOME MULTI FAMILY PROPERTIES
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ALL NON BRIDGE LOAN TERMS INCLUDE CHOICE OF 3, 5, 7, or 10 YEAR TERMS
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BRIDGE LOAN TERMS FROM 6 MONTHS TO 2 YEARS
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NO MINIMUM CREDIT REQUIREMENT FOR BORROWER
These are just a sample of program guidelines available for non conforming investment properties, multi family and mixed use financing projects. Many projects are case specific so we urge you to contact us at 516-766-3400 or e-mail requesting more information to info@iccmortgage.com so that we can go over your project with you in detail and work together to find the best solution for you situation. We have experienced commercial credit officers that are here to provide you with all of their knowledge in order to get your purchase or refinance funded in a timely manner.
In nearly all cases the only upfront costs out of pocket is for the appraisal and application fees. Appraisal fee's vary greatly depending on the property. With regards to high balance loans in some cases we will require due diligence fees upon loan commitment to cover the cost of their own underwriting and processing expenses in preparing your investment property, commercial, or multi family loan for funding.
Please provide a detailed question regarding your area of interest.
